The
Financial crisis of 2007–2008
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...
led to a lot of
bank failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its asset ...
s in the United States. The
Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012.
In contrast, in the five years prior to 2008, only 10 banks failed.
A
bank failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its asset ...
is the closing of a bank by a federal or state banking
regulatory agency. The FDIC is named as Receiver for a bank's assets when its capital levels are too low, or it cannot meet obligations the next day.
After a bank's assets are placed into Receivership, the FDIC acts in two capacities—first, it pays insurance to the depositors, up to the deposit insurance limit, for assets not sold to another bank. Second, as the receiver of the failed bank, it assumes the task of selling and collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit. The FDIC insures up to $250,000 per depositor, per insured bank, as a result of the
Emergency Economic Stabilization Act of 2008, which raised the limit from $100,000.
The receivership of
Washington Mutual Bank
Washington Mutual (often abbreviated to WaMu) was the United States' largest savings and loan association until its collapse in 2008.
A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: D ...
by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of WaMu's assets to
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the w ...
, which planned to write down the value of Washington Mutual's loans at least $31 billion.
2008
The following 25 (26 including the Utah-based wholly owned subsidiary of Washington Mutual, which was covered under the same FDIC closure notice as its parent company)
banks failed in 2008:
2009
The following 140 banks failed in 2009:
2010
The following 157 banks failed in 2010:
2011
The following 92 banks failed in 2011:
2012
The following 51 banks failed in 2012:
2013
The following 24 banks failed in 2013:
2014
The following 18 banks failed in 2014:
2015
The following 8 banks failed in 2015:
2016
The following 5 banks failed in 2016:
[
]
2017
The following 8 banks failed in 2017:[
]
2018
No banks failed in 2018:[
]
2019
The following 4 banks failed in 2019:[
]
2020
The following 4 banks failed in 2020:[
]
2021
No banks failed in 2021:[
]
2022
No banks have failed so far in 2022:[
]
See also
* List of banks acquired or bankrupted during the Great Recession for a list of US banks and non-US banks
* List of largest U.S. bank failures
This is a list of the largest U.S. bank failures with respect to total assets under management at the time of the bank failure (banks with $1.0 billion or more in assets are listed here). Assets of the banks listed here are figures provided by ...
(many on this list failed in 2008–2010)
* Too big to fail
Notes
External links
FDIC list, failed US banks since Oct 2000
{{DEFAULTSORT:2008-2011 Bank Failures In The United States
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* List of bank failures in the United States
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United States economic history-related lists
Lists of banks in the United States