It has been a wild 12 moths for bank failures. The beginning of 2023 saw Silicon Valley, Signature, First Republic go under, wit Heartland Tri-State Bank and Citizen Bank collapse with assets totaling $550 billion. To put that in context, during the financial crisis in 2008, the collapse of 25 banks only added up to $373 billion (in 2008 dollars).
Bank failures in the US at a glance
- Largest bank failure in 2023: First Republic Bank at $229B.(1)
- Largest bank failure since 2000: Washington Mutual Bank $307B, 2008.(1)
- Worst year for bank failures since 2000 ($): 2023, with assets totaling $550 billion.(1)
- Worst decade for banking failures ($): The 2000s, with $553 billion in assets lost. (1)
- Year with the most bank failures: 2010 with 157.(1)
- Decade with the most bank failures: 2010s with 367.(1)
Year with the most costly bank failures: 2000-2024
In 2023, the Federal Deposit Insurance Commission (FDIC) stepped in to take over five banks with a combined $550 billion in total assets — the largest year on record since 2000. 2023 is followed by 2008 ($373B), 2009 ($170B), 2011 ($147B) and 2010 ($92B).
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Adjusting for inflation
Even factoring in inflation, 2023 is the worst year for bank collapses since 2000, beating out 2008’s adjusted $510 billion.
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Year with the most bank failures: 2000-2024
However, 2023 has done all this damage with just four banks going under. Comparatively, 2008 saw eight banks collapse, and 2010 saw 157 banks go under — the highest number of bank failures since 2000.
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Average value of a collapsing bank
Looking at how bad these bank collapses were on average, the average bank going under in 2023 held $110B billion in assets, compared to the next most of $15 billion in 2008.
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Cost of bank failures: by decade
While 2023 might be the worst year on record, the 2020s isn’t the worst decade on record … yet. The 2000s and the Great Financial Crisis (GFC) take the top position, with banks going under with assets totaling $553 billion, which is a touch higher than the 2020s $550 billion.
That gap widens when we adjust for inflation, with the 2000s seeing the 2023 equivalent of $749 billion being wiped out.
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Number of failed banks: by decade
While the 2000s may have been the decade with the most assets wiped out in bank collapses, the 2010s actually saw the most collapses at 367, almost twice as much as the 2000s and about 52 times the number of banks that have collapsed since the start to this decade (9).
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Bank failures 2023
So far in 2023, four banks have failed: Silicon Valley, Signature, First Republic and Heartland Tri-State Bank.
Failed bank list
Below is a complete list of all bank failures since 2000.
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Finder reviewed the list of failed banks from the FDIC, grouping them into the decades listed above and adjusting for inflation where applicable.
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