What bank was forced to close?
The collapses of
| Bank Name | State | Day the bank closed |
|---|---|---|
| First Republic Bank | CA | May 1, 2023 |
| Signature Bank | NY | March 12, 2023 |
| Silicon Valley Bank | CA | March 10, 2023 |
| Alamena State Bank | KS | October 23, 2020 |
| Failed banks | Date closed |
|---|---|
| Citizens Bank, Sac City, Iowa | 11/03/2023 |
| Heartland Tri-State Bank, Elkhart, Kansas | 07/28/2023 |
| First Republic Bank, San Francisco | 05/01/2023 |
| Signature Bank, New York | 03/12/2023 |
| Bank Name | City | Acquiring Institution |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | Dream First Bank, N.A. |
| First Republic Bank | San Francisco | JPMorgan Chase Bank, N.A. |
| Signature Bank | New York | Flagstar Bank, N.A. |
| Silicon Valley Bank | Santa Clara | First–Citizens Bank & Trust Company |
Silicon Valley Bank (SVB)—the 16th largest bank in the United States—was shut down by federal regulators on March 10, 2023. In the aftermath of the collapse, federal regulators promised to make all depositors whole, even for those funds that weren't protected by the Federal Deposit Insurance Corporation (FDIC).
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.
| Bank NameBank | CityCity | Closing DateClosing |
|---|---|---|
| Resolute Bank | Maumee | October 25, 2019 |
| Louisa Community Bank | Louisa | October 25, 2019 |
| The Enloe State Bank | Cooper | May 31, 2019 |
| Washington Federal Bank for Savings | Chicago | December 15, 2017 |
- These Banks Are Monopolizing the Industry. The Financial Times reported in November 2023, “Of the nation's almost 4,400 banks, the big four made 45 percent of the industry's overall profits in the third quarter. ...
- Bank of America. ...
- Citi Bank. ...
- Chase Bank. ...
- Wells Fargo. ...
- Take Action and Tell These Banks to Do Better.
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
What banks are failing in 2024?
2024 in Brief
There are no bank failures in 2024. See detailed descriptions below.
US eases restrictions on Wells Fargo after years of strict oversight following scandal. NEW YORK (AP) — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
In 2023, America saw its highest amount of bank closings since the 2008 recession. 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.
San Francisco-based First Republic Bank goes down as the second-largest failure in U.S. history. Santa Clara, California-based Silicon Valley Bank follows at number three on the all-time list and New York City-based Signature Bank is the fourth-largest bank to fail.
| Years | Bank Failures | Total Assets (Millions) |
|---|---|---|
| 2024 | 0 | $0 |
| 2023 | 5 | $548,705.0 |
| 2022 | 0 | $0 |
| 2021 | 0 | $0 |
Bank of America is just one place below JPMorgan Chase on both the 2023 G-SIBs list and the Federal Reserve's list of the largest U.S. banks, which is why it was chosen in our research as one of the safest banks.
Even more recently were the failures of Silicon Valley Bank and Signature Bank in 2023. These niche banks with large amounts of uninsured deposits have led federal regulators to look at additional regulatory practices to help keep financial systems stable.
Overall, Bank of America appears to be in a relatively healthy financial position and is not currently in imminent danger of collapse.
The collapses in March of Silicon Valley Bank (SVB) and Signature Bank – two of the largest U.S. banks to fail since the Great Depression of the 1930s – have led some to wonder if the nation may be headed for a new widespread banking crisis.
What two banks failed in the US?
Two regional US banks, California-based Silicon Valley Bank (SVB) and New York's Signature Bank, have collapsed under the weight of heavy losses on their bond portfolios and a massive run on deposits.
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Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options.
Wells Fargo is the worst bank overall, with a high percentage of unresolved complaints and loss of Better Business Bureau accreditation.
1. Chase Bank. Chase Bank is JPMorgan Chase's U.S. consumer and commercial banking division. JPMorgan Chase has $3.4 trillion in consolidated assets and operations worldwide.
