days since
last bank failure

This Year

0

Failures

$3.19B

Assets Lost

$2.81B

Given In Bailouts

Latest

1 May 2023

JPMorgan Buys First Republic Bank

JPMorgan Chase has acquired the deposits, a substantial amount of assets, and certain liabilities of the failed First Republic Bank. After a turbulent week, the FDIC took temporary control of First Republic and facilitated its sale through a competitive bidding process. As a result of the acquisition, First Republic's 84 branches are now operating as JPMorgan Chase Bank branches. This marks the third and largest U.S. lender failure in the current year, but federal regulators assert that it does not indicate broader issues in the banking industry. JPMorgan's CEO, Jamie Dimon, emphasized that the banking system remains sound and that there will always be a need for strong community banks. The acquisition is estimated to cost the FDIC's Deposit Insurance Fund around $13 billion.

10 Mar 2023 | 🔻$209,000,000,000

Silicon Valley Bank Failure

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.

Recent

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