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3/4/24: Bank Failures Since 2009–The New Norm Banks Collapse

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Earlier in the year Silicon Valley Bank failed March 10 and then Signature Bank failed two days later, ending the unusual streak of more than 800 days without a bank failure.

Before Citizens Bank failed Friday, Heartland Tri-State Bank failed July 28 and First Republic Bank failed May 1.

U.S. bank failures

Longest periods between U.S. bank failures since 1933

Previous bank failureBank failureDays since previous bank failure
June 25, 2004Feb. 2, 2007951
Oct. 23, 2020March 10, 2023867
Jan. 13, 1945Sept. 14, 1946608
Dec. 15, 2017May 31, 2019531
Aug. 16, 1996Nov. 21, 1997461
Feb. 19, 1962May 24, 1963458
May 26, 1953Aug. 9, 1954439

Source: FDIC

Generally, a failure occurs when a bank becomes insolvent, meaning it lacks the funds to cover all of its customers’ deposits and the money it owes to others, according to the FDIC.

Bank failures aren’t uncommon; a few typically happen each year. So it’s rare for there to be years like 2022, 2021, 2018, 2006 or 2005, when there were no banks closed.

Before March 2023, only three banks had failed since the coronavirus pandemic started. And all three (The First State Bank, First City Bank of Florida and Almena State Bank) experienced previous financial problems, according to the FDIC. (There was one bank failure in 2020 before the pandemic started.)

Bank failures happen from time to time, which is why it’s important to have your money at an FDIC bank and make sure you’re within FDIC insurance limits and guidelines. No depositor has lost a penny of FDIC-insured funds since 1933.

As soon as a bank fails, the FDIC estimates how much that bank failure will cost the Deposit Insurance Fund (DIF). Quarterly assessments on FDIC-insured banks fund most of the DIF, according to the FDIC.

Source: Federal Deposit Insurance Corp.

2023 list of failed banks

Failed banksDate closed
Citizens Bank, Sac City, Iowa11/03/2023
Heartland Tri-State Bank, Elkhart, Kansas07/28/2023
First Republic Bank, San Francisco05/01/2023
Signature Bank, New York03/12/2023
Silicon Valley Bank, Santa Clara, Calif.03/10/2023

2020 list of failed banks

Failed banksDate closed
Almena State Bank, Almena, Kan.10/23/2020
First City Bank of Florida, Fort Walton Beach, Fla.10/16/2020
The First State Bank, Barboursville, W.Va.04/03/2020
Ericson State Bank, Ericson, Neb.02/14/2020

2019 list of failed banks

Failed banksDate closed
City National Bank of New Jersey, Newark11/1/2019
Resolute Bank, Maumee, Ohio10/25/2019
Louisa Community Bank, Louisa, Ky.10/25/2019
The Enloe State Bank, Cooper, Texas05/31/2019

By SRH, HNewsWire Reporting: Embattled regional bank New York Community Bancorp received another blow Tuesday evening when Moody’s Investors Service lowered its credit rating to junk status. Moody’s downgraded New York Community Bancorp due to “challenges” stemming from the lender’s unexpected loss in the commercial real estate market. The downgrade reduced the bank’s credit rating by two notches from its prior level, indicating a significant lack of faith in the bank’s capacity to repay its debt holders. “NYCB’s core historical commercial real estate lending and significant and unanticipated loss on its New York office and multifamily property could create potential confidence sensitivity,” according to the assessment released by Moody’s Investors Service. Following the downgrading, New York Community Bancorp shares fell 17% in after-hours trading on Tuesday evening. This loss comes on top of a 22% selloff in regular trading. Credit…Read More

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