I’m going to keep a running tab on all of the bank closures in subsequent blog posts, as we’re entering a very trying financial time just one quarter into 2023. The FDIC failed bank list below outlines the banks that have failed over the years. This list will most certainly be updated as we move further into a recession.
Does this frighten you?
Prior to reading about bank failures, we’d like to stress that at Investors Circle, our mission is to protect your wealth. We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!
With this in mind, we urge you to check out our list of the top five companies to help you protect your wealth by investing in precious metals like gold and silver.
List of FDIC Bank Failures
It’s not often we see a bank fail on a Sunday, but just a couple days ago, it happened. Sunday, March 12, Signature Bank was the latest bank failure of 2023, and this marked just the sixth time ever that a FDIC bank went down on a Sunday. This was also the first time a bank failure occurred on a Sunday since 1991.
Sunday Bank Failures List
Here is a graphic showing the banks that failed on a Sunday:
In fact, a Sunday bank failure is highly unusual because typically bank failures happen on Fridays.
U.S. Bank Failures
Prior to three banks closing over the last several days, the last time we saw a FDIC bank fail was back in October of 2020. Almena State Bank was the last FDIC bank failure.
These failures occur when banks become insolvent, which means that the banks don’t have enough funds to cover it’s customers assets (deposits) as well as money owed to other entities.
While these bank failures aren’t out of the ordinary, there are a few that pop up each year.
Only five years in the history of the FDIC have no banks closed: 2022, 2021, 2018, 2006, and 2005.
If you are a customer of a U.S. Bank, it’s important you read about all the FDIC insurance limits and guidelines.
If you are insured by the FDIC, you won’t lose any money – this is something that goes all the way back to 1933.
Bank Failures Since 2009
Here’s a snapshot of the bank failures since 2009.
2009 was a huge year for bank failures, followed by another jump in failures in 2010. Every year since then the number of FDIC bank failures dwindled down, all the way until 2018 when there were zero closures.
2023 List of Failed Banks
Silicon Valley Bank
Basically, if your bank name starts with the letter “S” you may as well start taking your funds out!
(Seriously, what a coincidence!)
Bank failures are going to happen, especially in this challenging economy. You can thank inflation, a war, and the leadership of this country for where we are at today.
I’m urging all Americans to look into holding precious metals, especially in their retirement portfolio. As I said here, gold is a good investment in a recession, and you can also include silver on that list as well.