15 Most Recent Bank Failures

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BanksterCrime

Since 2019, 15 banks have failed, with five banks failing in 2023 alone. On October 18, 2024, First National Bank of Linday’s demise marked the second bank failure of the year. The collapse raised questions about whether the failure was caused by errors at the bank or by economic issues that could affect other institutions.

First Bank & Trust Co. in Duncan, Oklahoma, assumed the First National Bank of Lindsay’s insured deposits. The only office of the First National Bank of Lindsay resumed normal business hours as a branch of First Bank & Trust Co. on October 21.

The Office of the Comptroller of the Currency closed the bank “after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital,” the agency said in a press release.

“The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others,” the regulator said. 

Read more: FHFA took action against Federal Home Loan banks after bank failures 

State banking groups say the demise of the $107.8 million-asset firm was due to issues at the First National, but the questionable details surrounding the bank’s CEO’s departure and regulators’ allegations of fraud are raising alarms for some bank industry experts. 

While the bank was relatively small for the industry, the Federal Deposit Insurance Corp. estimates the failure could cost the agency’s Deposit Insurance Fund more than $43 million to wind down. In addition to the hefty cost, experts say discrepancies in the bank’s accounting filings have left questions unanswered.

Read more: One year after SVB collapse, updates on the 5 bank failures of 2023

“We don’t know whether some of these depositors had retirement accounts, trust, business accounts, escrow … so it’s hard to say how much they were covered,” industry veteran Brian Byrne told American Banker’s Ebrima Santos Sanneh. “But when I saw the point about [covering] the other 50% after we liquidate the assets … that’s a big red flag for me, because they didn’t do that with [Silicon Valley Bank] or Signature Bank, because those are bigger — and by the way, they weren’t [Global Systemically Important Banks] either.”

Catch up on the most recent bank failures: 

Source: S&P

BankLocationDate of Failure
The First National Bank of LindsayLindsay, OK10/18/2024
Republic First BankPhiladelphia, PA04/26/24
Citizens BankSac City, IA11/3/2023
Heartland Tri-State BankElkhart, KS7/28/2023
First Republic BankSan Francisco, CA4/28/2023
Signature BankNew York, NY3/12/2023
Silicon Valley BankSanta Clara, CA3/10/2023
Almena State BankAlmena, KS10/23/2020
First City Bank of FloridaFort Walton Beach, FL10/16/2020
First State BankBarboursville, WV4/3/2020
Ericson State BankEricson, NE02/14/20
City National Bank of New JerseyNewark, NJ11/1/2019
Resolute BankMaumee, OH10/25/2019
Louisa Community BankLouisa, KY10/25/2019
Enloe State BankCooper, TX5/31/2019
Chart showing most recent bank failures where The First National Bank of Lindsay failed on 10/18/2024.

The First National Bank of Lindsay failed on October 18, 2024.

Chart of recent bank failures showing Republic First Bank, which failed on 4/26/2024.

Republic First Bank failed on April 26, 2024.

Chart of recent bank failures showing Citizens Bank of Sac City, Iowa, which failed on 11/3/2023.

Citizens Bank of Sac City, Iowa, failed on November 3, 2023.

Chart of recent bank failures showing Heartland Tri-State Bank, which failed on 7/28/2023.

Heartland Tri-State Bank failed on July 28, 2023.

Chart of recent bank failures showing First Republic Bank, which failed on 4/28/2023.

First Republic Bank failed on April 28, 2023.

Chart of recent bank failures showing Signature Bank, which failed on 3/12/2023.

Signature Bank failed on March 12, 2023.

Chart of recent bank failures showing Silicon Valley Bank, which failed on 3/10/2023.

Silicon Valley Bank failed on March 10, 2023.

Chart of recent bank failures showing Almena State Bank, which failed on 10/23/2020.

Almena State Bank failed on October 23, 2020.

Chart of recent bank failures showing First City Bank of Florida, which failed on 10/16/2020.

First City Bank of Florida failed on October 16, 2020.

Chart of recent bank failures showing First State Bank, which failed on 4/3/2020.

First State Bank failed on April 3, 2020.

Chart of recent bank failures showing Ericson State Bank, which failed on 2/14/2020.

Ericson State Bank failed on February 14, 2020.

Chart of recent bank failures showing City National Bank of New Jersey, which failed on 11/1/2020.

City National Bank of New Jersey failed on November 1, 2019.

Chart of recent bank failures showing Resolute Bank, which failed on 10/25/2019.

Resolute Bank failed on October 25, 2019.

Chart of recent bank failures showing Louisa Community Bank, which failed on 10/25/2019.

Louisa Community Bank failed on October 25, 2019.

Chart of recent bank failures showing Enloe State Bank, which failed on 5/31/2019.

Enloe State Bank failed on May 31, 2019. Source: https://www.americanbanker.com/list/15-most-recent-bank-failures

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