FDIC: Bank Failures in Brief (2024)

There are 3 bank failures in 2023. See detailed descriptions below.

2023 Summary by Month
(Approximate asset dollar volume based on figures from the press releases)
Months	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Bank Failures	0	0	2	0	1
Total Assets (Millions)	0	0	319,400.0	0	229,100.0

2023 Bank Failure Details
Bank Name, City, ST	Press Release (PR)	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
May
First Republic Bank, San Francisco, CA	PR-034-2023	May 1, 2023	$229,100.0	$103,900.00	JPMorgan Chase Bank, National Association, to assume all of the deposits and substantially all of the assets of First Republic Bank.
March
Signature Bank, New York, NY	PR-021-2023 PR-018-2023	March 12, 2023	$110,400.0	$88,600.0	On Sunday, March 12, 2023, Signature Bank, New York, NY was closed by the New York State Department of Financial Services, which appointed the FDIC as Receiver. On Sunday, March 19, 2023, FDIC entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios with Flagstar Bank, NA, Hicksville, NY, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, NY.
Silicon Valley Bank, Santa Clara, CA	PR-023-2023 PR-019-2023	March 10, 2023	$209,000.0	$175,400.0	To protect depositors, on Monday, March 13, 2023, the FDIC transferred all the deposits of Silicon Valley Bank to Silicon Valley Bridge Bank, N.A. a full-service 'bridge bank' that was operated by the FDIC as it marketed the institution to potential bidders. On March 26, 2023, the FDIC entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, N.A., with First–Citizens Bank & Trust Company, Raleigh, NC. As part of this transaction Silicon Valley Bridge Bank, N.A, was placed into receivership.