In this blog post, we will be reviewing the list of failed banks in the United States. It’s never good news when we hear about a bank failure, and unfortunately, there have been quite a few in the United States over the years. From Washington Mutual and IndyMac in 2008 to Guaranty Bank and First NBC Bank in 2017, these failures can have a big impact on customers, employees, and the economy as a whole. While there are often warning signs leading up to a bank failure, it can still be a shock and a disappointment to those affected.
It’s important to remember, though, that the government has systems in place to help protect customers’ deposits and ensure that the banking industry remains stable overall. Banks are an important part of our financial system, but unfortunately, they can fail from time to time. There are a few reasons why this might happen. One common cause is undercapitalization, which means that the bank doesn’t have enough money to cover its obligations.
Another factor is loan quality – if a bank makes too many bad loans, it can end up losing a lot of money. Additionally, losses on investment securities can also contribute to a bank’s failure. When a bank fails, it can have a ripple effect on the economy and on the people who have accounts with that bank. That’s why it’s important for regulators to keep a close eye on banks and step in when necessary to prevent failures from happening.
ALSO READ: Which Banks Are in Danger of Failing or Collapse?
According to recent reports, some banks failed in March 2023 due to their exposure to the cryptocurrency market. Specifically, several large banks in the United States had gained market exposure to cryptocurrency and cryptocurrency-related firms prior to and during the COVID-19 pandemic. Among these banks were Silvergate Bank, Silicon Valley Bank, and Signature Bank, which collapsed in March 2023 Additionally, undercapitalization, loan quality, and losses on investment securities are common reasons why banks may fail.
To prevent bank failures, regulators closely monitor banks and enforce regulations to ensure that they are adequately capitalized and managing risk appropriately. In addition, deposit insurance programs such as the Federal Deposit Insurance Corporation (FDIC) in the United States help protect customers’ deposits in the event of a bank failure.
ALSO READ: Banking Crisis Explained: Causes of Bank Collapse & its Prevention
List of Banks Examined for CRA Compliance – March 2023
The FDIC has issued its latest list of state nonmember banks that have been evaluated for compliance with the Community Reinvestment Act (CRA). The list contains evaluation ratings assigned by the FDIC to institutions in December 2022.
The CRA is a law that was passed in 1977 to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, while also maintaining safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated that a rating and evaluation for each bank or thrift that undergoes a CRA examination on or after July 1, 1990, be made publicly available.
The list issued by the FDIC provides transparency and accountability in the banking industry by making these evaluation ratings publicly available. The purpose of this list is to provide the public, account holders, investors, and other stakeholders with valuable information on how banks are serving their local communities, particularly those in need. This information can help individuals make informed decisions about where to do business and can ensure that banks are held accountable for meeting their obligations under the CRA.
For account holders, the list can provide valuable insights into how their bank is performing in terms of CRA compliance. Customers who prioritize banking with institutions that are committed to serving the credit needs of their local communities may find this information particularly helpful.
In addition, the CRA evaluation ratings can help investors, community organizations, and other stakeholders assess the performance of individual banks in meeting the credit needs of their local communities. This can help to identify areas where improvement is needed and encourage greater investment in underserved communities.
To obtain a consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, individuals can contact the FDIC’s Public Information Center or visit their website. A copy of an individual bank’s CRA evaluation is available directly from the bank or from the FDIC’s Public Information Center, as required by law.
List of Recent Failed Banks [2021 – 2023]
Bank Name
City
State
Acquiring Institution
Closing Date
Signature Bank
New York
NY
Flagstar Bank, N.A.
March 12, 2023
Silicon Valley Bank
Santa Clara
CA
Silicon Valley Bridge Bank, N.A.
March 10, 2023
List of Recent Failed Banks [2015 – 2020]
Bank Name
City
State
Acquiring Institution
Closing Date
Almena State Bank
Almena
KS
Equity Bank
October 23, 2020
First City Bank of Florida
Fort Walton Beach
FL
United Fidelity Bank, fsb
October 16, 2020
The First State Bank
Barboursville
WV
MVB Bank, Inc.
April 3, 2020
Ericson State Bank
Ericson
NE
Farmers and Merchants Bank
February 14, 2020
City National Bank of New Jersey
Newark
NJ
Industrial Bank
November 1, 2019
Resolute Bank
Maumee
OH
Buckeye State Bank
October 25, 2019
Louisa Community Bank
Louisa
KY
Kentucky Farmers Bank Corporation
October 25, 2019
The Enloe State Bank
Cooper
TX
Legend Bank, N. A.
May 31, 2019
Washington Federal Bank for Savings
Chicago
IL
Royal Savings Bank
December 15, 2017
The Farmers and Merchants State Bank of Argonia
Argonia
KS
Conway Bank
October 13, 2017
Fayette County Bank
Saint Elmo
IL
United Fidelity Bank, fsb
May 26, 2017
Guaranty Bank, (d/b/a BestBank in Georgia & Michigan)
Milwaukee
WI
First-Citizens Bank & Trust Company
May 5, 2017
First NBC Bank
New Orleans
LA
Whitney Bank
April 28, 2017
Proficio Bank
Cottonwood Heights
UT
Cache Valley Bank
March 3, 2017
Seaway Bank and Trust Company
Chicago
IL
State Bank of Texas
January 27, 2017
Harvest Community Bank
Pennsville
NJ
First-Citizens Bank & Trust Company
January 13, 2017
Allied Bank
Mulberry
AR
Today’s Bank
September 23, 2016
The Woodbury Banking Company
Woodbury
GA
United Bank
August 19, 2016
First CornerStone Bank
King of Prussia
PA
First-Citizens Bank & Trust Company
May 6, 2016
Trust Company Bank
Memphis
TN
The Bank of Fayette County
April 29, 2016
North Milwaukee State Bank
Milwaukee
WI
First-Citizens Bank & Trust Company
March 11, 2016
Hometown National Bank
Longview
WA
Twin City Bank
October 2, 2015
The Bank of Georgia
Peachtree City
GA
Fidelity Bank
October 2, 2015
Premier Bank
Denver
CO
United Fidelity Bank, fsb
July 10, 2015
Edgebrook Bank
Chicago
IL
Republic Bank of Chicago
May 8, 2015
Doral Bank
San Juan
PR
Banco Popular de Puerto Rico
February 27, 2015
En Español
Capitol City Bank & Trust Company
Atlanta
GA
First-Citizens Bank & Trust Company
February 13, 2015
Highland Community Bank
Chicago
IL
United Fidelity Bank, fsb
January 23, 2015
First National Bank of Crestview
Crestview
FL
First NBC Bank
January 16, 2015
List of Failed Banks [2013 – 2014]
Bank Name
City
State
Acquiring Institution
Closing Date
Northern Star Bank
Mankato
MN
BankVista
19-Dec-14
Frontier Bank, FSB D/B/A El Paseo Bank
Palm Desert
CA
Bank of Southern California, N.A.
07-Nov-14
The National Republic Bank of Chicago
Chicago
IL
State Bank of Texas
24-Oct-14
NBRS Financial
Rising Sun
MD
Howard Bank
17-Oct-14
GreenChoice Bank, fsb
Chicago
IL
Providence Bank, LLC
25-Jul-14
Eastside Commercial Bank
Conyers
GA
Community & Southern Bank
18-Jul-14
The Freedom State Bank
Freedom
OK
Alva State Bank & Trust Company
27-Jun-14
Valley Bank
Fort Lauderdale
FL
Landmark Bank, National Association
20-Jun-14
Valley Bank
Moline
IL
Great Southern Bank
20-Jun-14
Slavie Federal Savings Bank
Bel Air
MD
Bay Bank, FSB
30-May-14
Columbia Savings Bank
Cincinnati
OH
United Fidelity Bank, fsb
23-May-14
AztecAmerica Bank
Berwyn
IL
Republic Bank of Chicago
16-May-14
Allendale County Bank
Fairfax
SC
Palmetto State Bank
25-Apr-14
Vantage Point Bank
Horsham
PA
First Choice Bank
28-Feb-14
Millennium Bank, National Association
Sterling
VA
WashingtonFirst Bank
28-Feb-14
Syringa Bank
Boise
ID
Sunwest Bank
31-Jan-14
The Bank of Union
El Reno
OK
BancFirst
24-Jan-14
DuPage National Bank
West Chicago
IL
Republic Bank of Chicago
17-Jan-14
Texas Community Bank, National Association
The Woodlands
TX
Spirit of Texas Bank, SSB
13-Dec-13
Bank of Jackson County
Graceville
FL
First Federal Bank of Florida
30-Oct-13
First National Bank also operating as The National Bank of El Paso
Edinburg
TX
PlainsCapital Bank
13-Sep-13
The Community’s Bank
Bridgeport
CT
No Acquirer
13-Sep-13
Sunrise Bank of Arizona
Phoenix
AZ
First Fidelity Bank, National Association
23-Aug-13
Community South Bank
Parsons
TN
CB&S Bank, Inc.
23-Aug-13
Bank of Wausau
Wausau
WI
Nicolet National Bank
09-Aug-13
First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral)
Fort Myers
FL
C1 Bank
02-Aug-13
Mountain National Bank
Sevierville
TN
First Tennessee Bank, National Association
07-Jun-13
1st Commerce Bank
North Las Vegas
NV
Plaza Bank
06-Jun-13
Banks of Wisconsin d/b/a Bank of Kenosha
Kenosha
WI
North Shore Bank, FSB
31-May-13
Central Arizona Bank
Scottsdale
AZ
Western State Bank
14-May-13
Sunrise Bank
Valdosta
GA
Synovus Bank
10-May-13
Pisgah Community Bank
Asheville
NC
Capital Bank, N.A.
10-May-13
Douglas County Bank
Douglasville
GA
Hamilton State Bank
26-Apr-13
Parkway Bank
Lenoir
NC
CertusBank, National Association
26-Apr-13
Chipola Community Bank
Marianna
FL
First Federal Bank of Florida
19-Apr-13
Heritage Bank of North Florida
Orange Park
FL
FirstAtlantic Bank
19-Apr-13
First Federal Bank
Lexington
KY
Your Community Bank
19-Apr-13
Gold Canyon Bank
Gold Canyon
AZ
First Scottsdale Bank, National Association
05-Apr-13
Frontier Bank
LaGrange
GA
HeritageBank of the South
08-Mar-13
Covenant Bank
Chicago
IL
Liberty Bank and Trust Company
15-Feb-13
1st Regents Bank
Andover
MN
First Minnesota Bank
18-Jan-13
Westside Community Bank
University Place
WA
Sunwest Bank
11-Jan-13
List of Failed Banks [2011 – 2012]
Bank Name
City
State
Acquiring Institution
Closing Date
Community Bank of the Ozarks
Sunrise Beach
MO
Bank of Sullivan
14-Dec-12
Hometown Community Bank
Braselton
GA
CertusBank, National Association
16-Nov-12
Citizens First National Bank
Princeton
IL
Heartland Bank and Trust Company
02-Nov-12
Heritage Bank of Florida
Lutz
FL
Centennial Bank
02-Nov-12
NOVA Bank
Berwyn
PA
No Acquirer
26-Oct-12
Excel Bank
Sedalia
MO
Simmons First National Bank
19-Oct-12
First East Side Savings Bank
Tamarac
FL
Stearns Bank N.A.
19-Oct-12
GulfSouth Private Bank
Destin
FL
SmartBank
19-Oct-12
First United Bank
Crete
IL
Old Plank Trail Community Bank, National Association
28-Sep-12
Truman Bank
St. Louis
MO
Simmons First National Bank
14-Sep-12
First Commercial Bank
Bloomington
MN
Republic Bank & Trust Company
07-Sep-12
Waukegan Savings Bank
Waukegan
IL
First Midwest Bank
03-Aug-12
Jasper Banking Company
Jasper
GA
Stearns Bank N.A.
27-Jul-12
Second Federal Savings and Loan Association of Chicago
Chicago
IL
Hinsdale Bank & Trust Company
20-Jul-12
Heartland Bank
Leawood
KS
Metcalf Bank
20-Jul-12
First Cherokee State Bank
Woodstock
GA
Community & Southern Bank
20-Jul-12
Georgia Trust Bank
Buford
GA
Community & Southern Bank
20-Jul-12
The Royal Palm Bank of Florida
Naples
FL
First National Bank of the Gulf Coast
20-Jul-12
Glasgow Savings Bank
Glasgow
MO
Regional Missouri Bank
13-Jul-12
Montgomery Bank & Trust
Ailey
GA
Ameris Bank
06-Jul-12
The Farmers Bank of Lynchburg
Lynchburg
TN
Clayton Bank and Trust
15-Jun-12
Security Exchange Bank
Marietta
GA
Fidelity Bank
15-Jun-12
Putnam State Bank
Palatka
FL
Harbor Community Bank
15-Jun-12
Waccamaw Bank
Whiteville
NC
First Community Bank
08-Jun-12
Farmers’ and Traders’ State Bank
Shabbona
IL
First State Bank
08-Jun-12
Carolina Federal Savings Bank
Charleston
SC
Bank of North Carolina
08-Jun-12
First Capital Bank
Kingfisher
OK
F & M Bank
08-Jun-12
Alabama Trust Bank, National Association
Sylacauga
AL
Southern States Bank
18-May-12
Security Bank, National Association
North Lauderdale
FL
Banesco USA
04-May-12
Palm Desert National Bank
Palm Desert
CA
Pacific Premier Bank
27-Apr-12
Plantation Federal Bank
Pawleys Island
SC
First Federal Bank
27-Apr-12
Inter Savings Bank, fsb D/B/A InterBank, fsb
Maple Grove
MN
Great Southern Bank
27-Apr-12
HarVest Bank of Maryland
Gaithersburg
MD
Sonabank
27-Apr-12
Bank of the Eastern Shore
Cambridge
MD
No Acquirer
27-Apr-12
Fort Lee Federal Savings Bank, FSB
Fort Lee
NJ
Alma Bank
20-Apr-12
Fidelity Bank
Dearborn
MI
The Huntington National Bank
30-Mar-12
Premier Bank
Wilmette
IL
International Bank of Chicago
23-Mar-12
Covenant Bank & Trust
Rock Spring
GA
Stearns Bank, N.A.
23-Mar-12
New City Bank
Chicago
IL
No Acquirer
09-Mar-12
Global Commerce Bank
Doraville
GA
Metro City Bank
02-Mar-12
Home Savings of America
Little Falls
MN
No Acquirer
24-Feb-12
Central Bank of Georgia
Ellaville
GA
Ameris Bank
24-Feb-12
SCB Bank
Shelbyville
IN
First Merchants Bank, National Association
10-Feb-12
Charter National Bank and Trust
Hoffman Estates
IL
Barrington Bank & Trust Company, National Association
10-Feb-12
BankEast
Knoxville
TN
U.S. Bank, N.A.
27-Jan-12
Patriot Bank Minnesota
Forest Lake
MN
First Resource Bank
27-Jan-12
Tennessee Commerce Bank
Franklin
TN
Republic Bank & Trust Company
27-Jan-12
First Guaranty Bank and Trust Company of Jacksonville
Jacksonville
FL
CenterState Bank of Florida, N.A.
27-Jan-12
American Eagle Savings Bank
Boothwyn
PA
Capital Bank, N.A.
20-Jan-12
The First State Bank
Stockbridge
GA
Hamilton State Bank
20-Jan-12
Central Florida State Bank
Belleview
FL
CenterState Bank of Florida, N.A.
20-Jan-12
Western National Bank
Phoenix
AZ
Washington Federal
16-Dec-11
Premier Community Bank of the Emerald Coast
Crestview
FL
Summit Bank
16-Dec-11
Central Progressive Bank
Lacombe
LA
First NBC Bank
18-Nov-11
Polk County Bank
Johnston
IA
Grinnell State Bank
18-Nov-11
Community Bank of Rockmart
Rockmart
GA
Century Bank of Georgia
10-Nov-11
SunFirst Bank
Saint George
UT
Cache Valley Bank
04-Nov-11
Mid City Bank, Inc.
Omaha
NE
Premier Bank
04-Nov-11
All American Bank
Des Plaines
IL
International Bank of Chicago
28-Oct-11
Community Banks of Colorado
Greenwood Village
CO
Bank Midwest, N.A.
21-Oct-11
Community Capital Bank
Jonesboro
GA
State Bank and Trust Company
21-Oct-11
Decatur First Bank
Decatur
GA
Fidelity Bank
21-Oct-11
Old Harbor Bank
Clearwater
FL
1st United Bank
21-Oct-11
Country Bank
Aledo
IL
Blackhawk Bank & Trust
14-Oct-11
First State Bank
Cranford
NJ
Northfield Bank
14-Oct-11
Blue Ridge Savings Bank, Inc.
Asheville
NC
Bank of North Carolina
14-Oct-11
Piedmont Community Bank
Gray
GA
State Bank and Trust Company
14-Oct-11
Sun Security Bank
Ellington
MO
Great Southern Bank
07-Oct-11
The RiverBank
Wyoming
MN
Central Bank
07-Oct-11
First International Bank
Plano
TX
American First National Bank
30-Sep-11
Citizens Bank of Northern California
Nevada City
CA
Tri Counties Bank
23-Sep-11
Bank of the Commonwealth
Norfolk
VA
Southern Bank and Trust Company
23-Sep-11
The First National Bank of Florida
Milton
FL
CharterBank
09-Sep-11
CreekSide Bank
Woodstock
GA
Georgia Commerce Bank
02-Sep-11
Patriot Bank of Georgia
Cumming
GA
Georgia Commerce Bank
02-Sep-11
First Choice Bank
Geneva
IL
Inland Bank & Trust
19-Aug-11
First Southern National Bank
Statesboro
GA
Heritage Bank of the South
19-Aug-11
Lydian Private Bank
Palm Beach
FL
Sabadell United Bank, N.A.
19-Aug-11
Public Savings Bank
Huntingdon Valley
PA
Capital Bank, N.A.
18-Aug-11
The First National Bank of Olathe
Olathe
KS
Enterprise Bank & Trust
12-Aug-11
Bank of Whitman
Colfax
WA
Columbia State Bank
05-Aug-11
Bank of Shorewood
Shorewood
IL
Heartland Bank and Trust Company
05-Aug-11
Integra Bank National Association
Evansville
IN
Old National Bank
29-Jul-11
BankMeridian, N.A.
Columbia
SC
SCBT National Association
29-Jul-11
Virginia Business Bank
Richmond
VA
Xenith Bank
29-Jul-11
Bank of Choice
Greeley
CO
Bank Midwest, N.A.
22-Jul-11
LandMark Bank of Florida
Sarasota
FL
American Momentum Bank
22-Jul-11
Southshore Community Bank
Apollo Beach
FL
American Momentum Bank
22-Jul-11
Summit Bank
Prescott
AZ
The Foothills Bank
15-Jul-11
First Peoples Bank
Port St. Lucie
FL
Premier American Bank, N.A.
15-Jul-11
High Trust Bank
Stockbridge
GA
Ameris Bank
15-Jul-11
One Georgia Bank
Atlanta
GA
Ameris Bank
15-Jul-11
Signature Bank
Windsor
CO
Points West Community Bank
08-Jul-11
Colorado Capital Bank
Castle Rock
CO
First-Citizens Bank & Trust Company
08-Jul-11
First Chicago Bank & Trust
Chicago
IL
Northbrook Bank & Trust Company
08-Jul-11
Mountain Heritage Bank
Clayton
GA
First American Bank and Trust Company
24-Jun-11
First Commercial Bank of Tampa Bay
Tampa
FL
Stonegate Bank
17-Jun-11
McIntosh State Bank
Jackson
GA
Hamilton State Bank
17-Jun-11
Atlantic Bank and Trust
Charleston
SC
First Citizens Bank and Trust Company, Inc.
03-Jun-11
First Heritage Bank
Snohomish
WA
Columbia State Bank
27-May-11
Summit Bank
Burlington
WA
Columbia State Bank
20-May-11
First Georgia Banking Company
Franklin
GA
CertusBank, National Association
20-May-11
Atlantic Southern Bank
Macon
GA
CertusBank, National Association
20-May-11
Coastal Bank
Cocoa Beach
FL
Florida Community Bank, a division of Premier American Bank, N.A.
06-May-11
Community Central Bank
Mount Clemens
MI
Talmer Bank & Trust
29-Apr-11
The Park Avenue Bank
Valdosta
GA
Bank of the Ozarks
29-Apr-11
First Choice Community Bank
Dallas
GA
Bank of the Ozarks
29-Apr-11
Cortez Community Bank
Brooksville
FL
Florida Community Bank, a division of Premier American Bank, N.A.
29-Apr-11
First National Bank of Central Florida
Winter Park
FL
Florida Community Bank, a division of Premier American Bank, N.A.
29-Apr-11
Heritage Banking Group
Carthage
MS
Trustmark National Bank
15-Apr-11
Rosemount National Bank
Rosemount
MN
Central Bank
15-Apr-11
Superior Bank
Birmingham
AL
Superior Bank, National Association
15-Apr-11
Nexity Bank
Birmingham
AL
AloStar Bank of Commerce
15-Apr-11
New Horizons Bank
East Ellijay
GA
Citizens South Bank
15-Apr-11
Bartow County Bank
Cartersville
GA
Hamilton State Bank
15-Apr-11
Nevada Commerce Bank
Las Vegas
NV
City National Bank
08-Apr-11
Western Springs National Bank and Trust
Western Springs
IL
Heartland Bank and Trust Company
08-Apr-11
The Bank of Commerce
Wood Dale
IL
Advantage National Bank Group
25-Mar-11
Legacy Bank
Milwaukee
WI
Seaway Bank and Trust Company
11-Mar-11
First National Bank of Davis
Davis
OK
The Pauls Valley National Bank
11-Mar-11
Valley Community Bank
St. Charles
IL
First State Bank
25-Feb-11
San Luis Trust Bank, FSB
San Luis Obispo
CA
First California Bank
18-Feb-11
Charter Oak Bank
Napa
CA
Bank of Marin
18-Feb-11
Citizens Bank of Effingham
Springfield
GA
Heritage Bank of the South
18-Feb-11
Habersham Bank
Clarkesville
GA
SCBT National Association
18-Feb-11
Canyon National Bank
Palm Springs
CA
Pacific Premier Bank
11-Feb-11
Badger State Bank
Cassville
WI
Royal Bank
11-Feb-11
Peoples State Bank
Hamtramck
MI
First Michigan Bank
11-Feb-11
Sunshine State Community Bank
Port Orange
FL
Premier American Bank, N.A.
11-Feb-11
Community First Bank Chicago
Chicago
IL
Northbrook Bank & Trust Company
04-Feb-11
North Georgia Bank
Watkinsville
GA
BankSouth
04-Feb-11
American Trust Bank
Roswell
GA
Renasant Bank
04-Feb-11
First Community Bank
Taos
NM
U.S. Bank, N.A.
28-Jan-11
FirsTier Bank
Louisville
CO
No Acquirer
28-Jan-11
Evergreen State Bank
Stoughton
WI
McFarland State Bank
28-Jan-11
The First State Bank
Camargo
OK
Bank 7
28-Jan-11
United Western Bank
Denver
CO
First-Citizens Bank & Trust Company
21-Jan-11
The Bank of Asheville
Asheville
NC
First Bank
21-Jan-11
CommunitySouth Bank & Trust
Easley
SC
CertusBank, National Association
21-Jan-11
Enterprise Banking Company
McDonough
GA
No Acquirer
21-Jan-11
Oglethorpe Bank
Brunswick
GA
Bank of the Ozarks
14-Jan-11
Legacy Bank
Scottsdale
AZ
Enterprise Bank & Trust
07-Jan-11
First Commercial Bank of Florida
Orlando
FL
First Southern Bank
07-Jan-11
Sources:
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
https://www.fdic.gov/news/press-releases/2023/pr23015.html
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