Three of the largest bank failures in the last quarter-century have happened this year — and it’s only May.
The Federal Deposit Insurance Corp. (FDIC), which is responsible for insuring many Americans’ bank accounts against such failures, keeps data on them, including how much they held in deposits and assets at the time of failure.
Some of these banks make a comeback under a slightly different name, while others get swallowed up by more familiar megabanks.
Following are the biggest failures to happen in this century, ranked by total assets.
10. AmTrust Bank
Total approximate assets held by this bank at time of failure: $12 billion
Institution that acquired some or all deposits of the failed bank: New York Community Bank
Date on which this bank was forced to shut down: Dec. 4, 2009
City where this bank was based in prior to closure: Cleveland, Ohio
9. Downey Savings and Loan Association, F.A.
Total approximate assets held by this bank at time of failure: $12.8 billion
Institution that acquired some or all deposits of the failed bank: U.S. Bank, National Association
Date on which this bank was forced to shut down: Nov. 21, 2008
City where this bank was based in prior to closure: Newport Beach, California
8. BankUnited, FSB
Total approximate assets held by this bank at time of failure: $12.8 billion
Institution that acquired some or all deposits of the failed bank: BankUnited
Date on which this bank was forced to shut down: May 21, 2009
City where this bank was based in prior to closure: Coral Gables, Florida
7. Guaranty Bank
Total approximate assets held by this bank at time of failure: $13 billion
Institution that acquired some or all deposits of the failed bank: BBVA Compass
Date on which this bank was forced to shut down: Aug. 21, 2009
City where this bank was based in prior to closure: Austin, Texas
6. Colonial Bank
Total approximate assets held by this bank at time of failure: $25 billion
Institution that acquired some or all deposits of the failed bank: Branch Banking & Trust
Date on which this bank was forced to shut down: Aug. 14, 2009
City where this bank was based in prior to closure: Montgomery, Alabama
5. IndyMac Bank, F.S.B.
Total approximate assets held by this bank at time of failure: $32 billion
Institution that acquired some or all deposits of the failed bank: IndyMac Federal Bank, F.S.B.
Date on which this bank was forced to shut down: July 11, 2008
City where this bank was based in prior to closure: Pasadena, California
4. Signature Bank
Total approximate assets held by this bank at time of failure: $110 billion
Institution that acquired some or all deposits of the failed bank: Flagstar Bank
Date on which this bank was forced to shut down: March 12, 2023
City where this bank was based in prior to closure: New York City
3. Silicon Valley Bank
Total approximate assets held by this bank at time of failure: $209 billion
Institution that acquired some or all deposits of the failed bank: Silicon Valley Bridge Bank (operated by the FDIC)
Date on which this bank was forced to shut down: March 10, 2023
City where this bank was based in prior to closure: Santa Clara, California
2. First Republic Bank
Total approximate assets held by this bank at time of failure: $229 billion
Institution that acquired some or all deposits of the failed bank: J.P. Morgan Chase
Date on which this bank was forced to shut down: May 1, 2023
City where this bank was based in prior to closure: San Francisco
1. Washington Mutual Bank
Total approximate assets held by this bank at time of failure: $307 billion
Institution that acquired some or all deposits of the failed bank: J.P. Morgan Chase
Date on which this bank was forced to shut down: Sept. 25, 2008
City where this bank was based in prior to closure: Henderson, Nevada
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