Failed Banks In The US: An Analysis By Year, Size And More (2024)

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Bank failures happen more often than you might think—there have been 568 in the U.S. since January 1, 2000. That’s an average of almost 25 per year.

But the back-to-back collapses of Silicon Valley Bank (SVB) and Signature Bank in early 2023, followed by First Republic Bank in May, were unique in more ways than one. Our analysis of the Federal Deposit Insurance Corporation’s (FDIC) database reveals what makes the recent failures stand out and offers context to compare these collapses to earlier bank failures.

Bank Failures of 2023

The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November. While the latter two were small regional banks, First Republic Bank was another major bank based in California’s Bay Area, and its failure overtook SVB’s to become the second-largest bank failure in U.S. history.

The list below of bank failures from previous years shows that five bank failures in one year is below average. However, 2023’s bank failures were notable in size and circ*mstance. The first three banks to fail in 2023 were all large financial institutions, meaning they held over $100 billion in assets. And because these banks primarily served wealthy customers and startups, the majority of deposits at all three were uninsured—above the $250,000 FDIC insurance limit.

Bank Name City State Date Closed

Silicon Valley Bank

Santa Clara



Signature Bank

New York



First Republic Bank

San Francisco



Heartland Tri-State Bank




Citizens Bank of Sac City

Sac City



Are Bank Failures Common?

While bank failures are relatively common, they’ve become a rarity in recent years.

YearBank Failures

In the wake of the Great Recession, it was typical to see dozens—if not hundreds—of bank failures each year. This slowed significantly from 2015 to 2020, when the U.S. saw an average of fewer than five bank failures per year. Zero banks failed in both 2021 and 2022.

Bank collapses were similarly uncommon in the early 2000s. From 2001 to 2007, the U.S. saw an average of just 3.57 bank failures per year.

Failed Banks In The US: An Analysis By Year, Size And More (1)

This took a sharp turn after the U.S. declared a recession in December 2007. From 2008 to 2012, bank failures shot up to an average of 93 per year. Of the 568 bank failures from 2000 to 2023, 465—or 82%—occurred from 2008 to 2012. Bank failures hit a peak in 2010 at 157 in one year—more than double the number of bank failures we’ve seen in the last 10 years combined.

Longest Periods Between U.S. Bank Failures Since 2000

Date of Bank FailureDate of Next Bank FailureNumber of days

June 25, 2004 (Bank of Ephraim)

Feb. 2, 2007 (Metropolitan Savings Bank)


Dec. 15, 2017 (Washington Federal Bank for Savings)

May 31, 2019 (The Enloe State Bank)


Oct. 23, 2020 (Almena State Bank)

March 10, 2023 (Silicon Valley Bank)


The failure of Silicon Valley Bank on March 10, 2023, ended a run of 868 days with no bank failures, the second-longest in the U.S. since 1933.

The longest? That would be June 2004 through February 2007—nearly three years without a single bank failure leading up to the Great Recession.

Amid fears of a looming recession, Americans may be worried that 2023’s back-to-back bank failures signal the start of another downturn. However, five bank failures in one year is still well below the norm.

List of Bank Failures From 2000 to 2022

2020 Bank Failures

2019 Bank Failures

2017 Bank Failures

2016 Bank Failures

2015 Bank Failures

2014 Bank Failures

2013 Bank Failures

2012 Bank Failures

2011 Bank Failures

2009 Bank Failures

2008 Bank Failures

2007 Bank Failures

2004 Bank Failures

2003 Bank Failures

2002 Bank Failures

2001 Bank Failures

2000 Bank Failures

What Is the Largest Bank Failure?

The 2008 collapse of Washington Mutual was the largest bank failure in U.S. history. Washington Mutual held $307 billion in assets when it failed. Like many other banks of the time, it fell under the weight of risky mortgage loans.

First Republic Bank is the second-largest bank failure in U.S. history, with $232 billion in assets as of March 2023, followed by Silicon Valley Bank as the third-largest bank failure, with $209 billion in assets at the end of 2022. Both First Republic Bank and SVB were among the most well-known lenders for tech companies and startups and two of the top 20 largest banks in the country.

Just two days after the SVB failure, regulators shut down Signature Bank. At the time, this was the third-largest bank failure in U.S. history, but it’s now the fourth-largest. Customers of Signature Bank—another startup and tech industry favorite—panicked after the failure of SVB and withdrew their deposits en masse. Signature Bank held $110 billion in assets at the end of last year.

Bank failures may be common, but it’s exceedingly rare to see a bank the size of these three banks collapse. If you look at the FDIC’s list of failed banks, you’d be forgiven for not recognizing any names from the last decade. It’s usually smaller, regional banks that shut down.

The last bank to fail before SVB was Kansas-based Almena State Bank in 2020, a state-chartered bank with just $69 million in assets. The other two banks that failed in 2023—Heartland Tri-State Bank and Citizens Bank of Sac City—held $139 and $66 million in assets, respectively, near the time of failure.

Silicon Valley Bank was roughly 2,000 times the size of these banks.

Even in 2010, when 157 banks failed, the assets held by all these banks combined still totaled less than half of the assets held by Silicon Valley Bank or First Republic Bank alone.

Failed Banks In The US: An Analysis By Year, Size And More (2)

When Are Bank Failures Most Frequent?

Banks rarely fail on weekends, but Signature Bank, which failed on Sunday, March 13, 2023, is an exception. Of the 568 bank failures since the year 2000, Signature Bank is the only one to fail on a Sunday. The vast majority (95%) failed on Fridays—including Silicon Valley Bank.

Bank Failures by Day of the Week

Day of the WeekBank Failures















There’s a strategic purpose behind this. Traditionally, banks operate Monday through Friday and close on weekends. If the FDIC waits to take over a failing bank until Friday, it has the entire weekend to settle accounts, liquidate assets and transition to new management before customers start demanding their money.

The need to oversee a smooth transition and keep panic contained isn’t just about one bank’s customers. If regulators don’t do a good job of cushioning the fall when a bank collapses, customers at other banks could start worrying they’ll lose their money, prompting bank runs all over the country. This self-fulfilling prophecy can trigger a financial crisis.

This is why the decision to shut down Signature Bank on a Sunday evening, forcing regulators to clean up what was the third-largest bank failure in U.S. history overnight, might seem odd. It even came as a surprise to Signature Bank executives, who believed they’d stabilized the situation over the weekend, according to a CNBC interview with board member Barney Frank.

However, the SVB failure happened fast, triggering a run on deposits at Signature Bank even faster. Regulators are focused on preventing a domino effect in the banking sector, so taking over and reassuring depositors their money is safe before they have the chance to withdraw it makes sense.

Bank Failures by Month

MonthBank Failure

























If you look at the time of year that banks fail, there’s usually a spike around the start of a new quarter. The four biggest months for bank failures since 2000 have been January, April, July and October. However, bank failures in March aren’t necessarily unusual.

Where Do Bank Failures Usually Happen?

Four states stand far above the rest when it comes to the concentration of bank failures: California, Florida, Georgia and Illinois. The state of California, home to Silicon Valley Bank, has seen 42 bank failures since the year 2000. Despite being the banking capital of the U.S., New York state—home to Signature Bank—has only seen six bank failures since 2000.

Perhaps surprisingly, Georgia and Florida top the list when it comes to bank failures by state. Together, these two states have seen 30% of the country’s bank failures since the turn of the century. The banking sectors of both states took huge hits from 2008 to 2012 due to the housing and loan crisis.

Bank Failures By State

StateBank Failures
Alabama 7
Alaska 0
Arizona 16
Arkansas 4
California 43
Colorado 10
Connecticut 2
Delaware 0
Florida 76
Georgia 93
Hawaii 1
Idaho 2
Illinois 69
Indiana 3
Iowa 3
Kansas 12
Maryland 10
Massachusetts 1
Michigan 14
Minnesota 23
Mississippi 2
Missouri 16
Montana 0
Nebraska 4
Nevada 12
New Hampshire 1
New Jersey 8
New Mexico3
New York 6
North Carolina 7
North Dakota0
Ohio 9
Oklahoma 7
Pennsylvania 10
Puerto Rico 4
Rhode Island0
South Carolina 10
South Dakota 1
Tennessee 7
Utah 8
Vermont 0
Virginia 5
Washington 19
West Virginia 2
Wisconsin 11

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Failed Banks In The US: An Analysis By Year, Size And More (2024)


How many banks fail in the USA each year? ›

In the wake of the Great Recession, it was typical to see dozens—if not hundreds—of bank failures each year. This slowed significantly from 2015 to 2020, when the U.S. saw an average of fewer than five bank failures per year. Zero banks failed in both 2021 and 2022.

What is the largest bank failure in US history? ›

The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history.

How large are the banks that failed? ›

List of largest bank failures in the United States
BankCityAssets at time of failure
Washington MutualSeattle$307 billion
First Republic BankSan Francisco$229 billion
Silicon Valley BankSanta Clara$209 billion
77 more rows

Why are so many US banks failing? ›

The increase in mobile banking use, inflation and interest rates, and real-estate struggles all contributed to why 2023 experienced so many banks shutting their doors. These issues caused Silicon Valley Bank to collapse in March 2023, with First Republic Bank and Signature Bank following only a few months later.

How many banks failed in 2024? ›

There is 1 bank failure in 2024.

Which banks are collapsing in 2024? ›

First Bank Failure of 2024 Near Anniversary of SVB, Signature, and First Republic Failures. The seizure and subsequent sale of Republic Bank comes a little more than a year after a series of bank failures that rocked the industry in 2023, as Silicon Valley Bank and Signature Bank shut down in March 2023.

What year did most banks fail? ›

Bank failures since 2009
YearTotal number of bank failures
12 more rows
Apr 1, 2024

Why did more than 700 banks in usa collapsed in 1930? ›

Answer: As the economic depression deepened in the early 30s, and as farmers had less and less money to spend in town, banks began to fail at alarming rates. During the 20s, there was an average of 70 banks failing each year nationally.

What is the second largest bank failure in US history? ›

Silicon Valley Bank's 48-hour collapse led to the second-largest failure of a financial institution in US history. Silicon Valley Bank headquarters in Santa Clara, California, US, on Thursday, March 9, 2023.

How many US banks have failed so far? ›

There were 566 bank failures from 2001 through 2024. See Summary by Year below.

Why are American banks collapsing? ›

Heightened interest rates have already led to the most stringent credit standards and weakest loan demand from consumers and businesses in a long time in the US. Meanwhile, banks are dealing with other major challenges such as the plunge in demand for office space as a result of home working.

How many US banks are in trouble right now? ›

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.

Are American banks failing? ›

Before Silicon Valley Bank collapsed in March, it had been 28 months since a U.S. bank went up in smoke — the longest stretch without a failure in more than 15 years. SVB's unexpected demise kicked off a historic year for bank failures .

Is the US banking industry in trouble? ›

of Some US Banks Already Burdened by Unrealized Losses

Yet a sizable subgroup of institutions still grapples with significant challenges. Underlying concerns persist, with fears that the failure of one institution could precipitate a broader loss of confidence in the sector.

What US banks are least likely to fail? ›

Summary: Safest Banks In The U.S. Of April 2024
BankForbes Advisor RatingLearn More CTA text
Chase Bank5.0Learn More
Bank of America4.2
Wells Fargo Bank4.0Learn More
1 more row
Jan 29, 2024

How many times have US banks failed? ›

Key Takeaways: Since the establishment of the Federal Deposit Insurance Corporation (FDIC) in 1934, there have been 3,516 bank failures in the United States.

Which US banks have failed? ›

About the FDIC:
Bank NameBankCityCityClosing DateClosing
Ericson State BankEricsonFebruary 14, 2020
City National Bank of New JerseyNewarkNovember 1, 2019
Resolute BankMaumeeOctober 25, 2019
Louisa Community BankLouisaOctober 25, 2019
54 more rows

How many banks in the United States fail during the Depression? ›

Many of the small banks had lent large portions of their assets for stock market speculation and were virtually put out of business overnight when the market crashed. In all, 9,000 banks failed--taking with them $7 billion in depositors' assets.

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