Bank Failures | FDIC (2024)

FAQs

What are the 3 recent bank failures? ›

First Republic Bank failed on April 28, 2023. Signature Bank failed on March 12, 2023. Silicon Valley Bank failed on March 10, 2023. Almena State Bank failed on October 23, 2020.

The First Bank to Collapse in 2024: What Led to the Failure of Republic Bank. The first bank to meet its demise in 2024 is smaller than its 2023 counterparts. In 2023 we saw Silicon Valley Bank (“SVB”) and First Republic Bank (“First Republic”) fail.

The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.

Lloyds, Halifax and Bank of Scotland, which are all part of the Lloyds Banking Group, will shut at least 292 of their bank branches in 2024 and 2025, the Group has confirmed. Below we've rounded up the planned closures for each bank and what the alternatives are if you still want face-to-face banking.

The collapse of Washington Mutual (WaMu) in 2008 stands out as the largest bank failure in U.S. history, according to the FDIC. When regulators seized it, WaMu had more than $300 billion in assets and $188 billion in deposits, making it the sixth-largest U.S. bank.

CFPB Orders U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic.

There are now 63 financial institutions on the FDIC's Problem Bank List. The FDIC recently updated its Problem Bank List, which currently includes 63 U.S. financial institutions selected for special monitoring. So far in 2024, only one financial institution has failed, following five such failures in 2023.

One question that often arises is, "Are Credit Unions Safer than Banks?" If you're looking for a short answer, you'll be happy to know that we're not making you read the whole post: Credit Unions and banks are roughly identical in safety because deposits at both are insured by the Federal government to $250,000.

Which bank is least likely to go bust? ›

When these assets decline in value due to increased interest rates, banks don't have enough assets to pay off their debts or other business necessities, which can cause banks to close. Economic Factors: Higher interest rates also often lead to slower economic growth, meaning people are spending less money.

Nationwide said it launched its original 'Branch Promise' in 2019 not to leave a town or city where there was no other Nationwide branch, and strengthened this in 2023 to guarantee they would not close any of their branches until at least 2026.

If your local bank branch closes, you might consider searching for a nearby branch, finding a convenient ATM, banking online or switching to a different bank altogether. If you're searching for options because your branch recently closed, you're not alone.

There has only been one bank failure so far in 2024. Republic First Bank (Philadelphia), which did business as Republic Bank, failed April 26. That was the first Federal Deposit Insurance Corp. (FDIC) bank to fail since Citizens Bank of Sac City, Iowa failed in November 2023.

RBI continues to classify SBI, ICICI Bank and HDFC Bank in the category of D-SIBs. But, what are D-SIBs? These are the banks which are so important for the country's economy that the government cannot afford their collapse. Hence, D-SIBs are thought of as “Too Big to Fail” (TBTF) organisations.

186 Banks Are in Danger of Failing? A report posted on the Social Science Research Network found that 186 banks in the United States are at risk of failure or collapse due to rising interest rates and a high proportion of uninsured deposits.

Companies Considered Too Big to Fail

Bank of America Corp. The Bank of New York Mellon Corp. Citigroup Inc.