{"id":8117,"date":"2023-04-11T10:56:24","date_gmt":"2023-04-11T15:56:24","guid":{"rendered":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/%year%\/%monthnum%\/%day%\/most-u-s-bank-failures-have-come-in-a-few-big-waves\/"},"modified":"2025-04-23T23:55:11","modified_gmt":"2025-04-24T03:55:11","slug":"most-u-s-bank-failures-have-come-in-a-few-big-waves","status":"publish","type":"short-read","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2023\/04\/11\/most-u-s-bank-failures-have-come-in-a-few-big-waves\/","title":{"rendered":"Most U.S. bank failures have come in a few big waves"},"content":{"rendered":"\n<figure class=\"wp-block-image size-640-wide\"><img decoding=\"async\" sizes=\"(max-width: 640px) 100vw, 640px\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/2023\/04\/SR_23.03.28_BankFailures_feature.jpg?w=640\" alt=\"Following Silicon Valley Bank's collapse, customers line up outside a branch in Wellesley, MA, on March 13, 2023. (David L. Ryan\/The Boston Globe via Getty Images)\" class=\"wp-image-428034\" \/><figcaption class=\"wp-element-caption\">Following Silicon Valley Bank&#8217;s collapse, customers line up outside a branch in Wellesley, Massachusetts, on March 13, 2023. (David L. Ryan\/The Boston Globe via Getty Images)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The collapses in March of&nbsp;<a href=\"https:\/\/www.nytimes.com\/2023\/03\/19\/business\/economy\/fed-silicon-valley-bank.html\">Silicon Valley Bank<\/a>&nbsp;(SVB) and&nbsp;<a href=\"https:\/\/www.nytimes.com\/2023\/03\/12\/business\/signature-bank-collapse.html\">Signature Bank<\/a>&nbsp;\u2013 two of the largest U.S. banks to fail since the Great Depression of the 1930s \u2013 have led some to wonder if <a href=\"https:\/\/www.bankrate.com\/banking\/bank-failures-latest-updates-silicon-valley-signature-bank\/\">the nation may be headed for a new widespread banking crisis<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SVB, which catered to technology startups and venture capital firms, had more than $209 billion in assets at the end of 2022, making it the second-biggest bank to fail since the Federal Deposit Insurance Corporation (FDIC) started keeping records in 1934.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Signature \u2013 which counted many big New York law firms and real estate companies as customers and was <a href=\"https:\/\/techcrunch.com\/2023\/03\/13\/signature-bank-seizure-creates-obstacles-for-crypto-industry-while-promoting-unbanked-innovations\/\">one of the few mainstream banks to seek out cryptocurrency deposits<\/a> \u2013 had nearly $110.4 billion in assets at the end of 2022, ranking it as the fourth-largest bank failure after adjusting for inflation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-640-wide\"><a rel=\"attachment wp-att-10897\" href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2023\/04\/11\/most-u-s-bank-failures-have-come-in-a-few-big-waves\/sr_23-03-28_bankfailures_1-png\/\"><img data-dominant-color=\"f1f1f0\" data-has-transparency=\"false\" style=\"--dominant-color: #f1f1f0;\" loading=\"lazy\" decoding=\"async\"  srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?resize=480,284 480w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?resize=782,463 782w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?resize=960,569 960w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?resize=1200,711 1200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?resize=1280,758 1280w\" sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" height=\"379\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_1.png?w=640\" alt=\"A chart showing the 10 largest U.S. bank failures by total assets. \" class=\"wp-image-10897 not-transparent\" \/><\/a><\/figure>\n\n\n<div style=\"border-width:1px;padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--20);--block-gap: inherit\" class=\"wp-block-prc-block-collapsible has-background has-ui-beige-very-light-background-color has-border-color has-ui-beige-dark-border-color\" id=\"how-we-did-this\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/collapsible&quot;}\" data-wp-context=\"{&quot;collapsibleId&quot;:&quot;how-we-did-this&quot;,&quot;isOpen&quot;:false}\" data-wp-class--is-open=\"context.isOpen\" data-wp-init--scroll-into-view=\"callbacks.onInitScrollIntoView\"><div class=\"wp-block-prc-block-collapsible__title\" data-wp-on--click=\"actions.onClick\"><div>How we did this<\/div><button class=\"wp-block-prc-block-collapsible__icon\"><span data-wp-bind--hidden=\"context.isOpen\"><i class=\"icon icon-library__light icon__circle-plus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-plus\"><\/use><\/svg><\/i><\/span><span data-wp-bind--hidden=\"!context.isOpen\" hidden><i class=\"icon icon-library__light icon__circle-minus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-minus\"><\/use><\/svg><\/i><\/span><\/button><\/div><div class=\"wp-block-prc-block-collapsible__content\">\n\n<p class=\"wp-block-paragraph\">After the rapid-fire collapse of Silicon Valley Bank and Signature Bank, the&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/03\/08\/silvergate-shutting-down-operations-and-liquidating-bank.html\">voluntary shutdown of Silvergate Capital<\/a>, and the sale of long-troubled&nbsp;<a href=\"https:\/\/www.nytimes.com\/2023\/03\/19\/business\/ubs-credit-suisse.html\">Credit Suisse<\/a>&nbsp;to rival UBS, Pew Research Center wanted to put the current banking industry turmoil into some historical perspective.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our main source for this analysis was the Federal Deposit Insurance Corporation (FDIC), which insures customer deposits at banks, savings-and-loans (S&amp;Ls) and similar institutions. (<a href=\"https:\/\/ncua.gov\/\">Credit unions have their own deposit-insurance system<\/a>.) The<a href=\"https:\/\/banks.data.fdic.gov\/bankfind-suite\/failures\"> FDIC&#8217;s BankFind tool<\/a>&nbsp;has a wealth of data on failed banks, going back to 1934. SVB and Signature\u2019s failures are too recent to be in BankFind, so we obtained data on them from a separate&nbsp;<a href=\"https:\/\/www.fdic.gov\/resources\/resolutions\/bank-failures\/failed-bank-list\/\">failed bank list<\/a>&nbsp;also maintained by the FDIC, as well as from asset and deposit figures from the banks\u2019 quarterly call reports, archived by the&nbsp;<a href=\"https:\/\/cdr.ffiec.gov\/public\/ManageFacsimiles.aspx\">Federal Financial Institutions Examination Council<\/a>. The FDIC also provides&nbsp;<a href=\"https:\/\/www.fdic.gov\/bank\/historical\/managing\/chronological\/pre-fdic.html\">historical data on bank failures<\/a> that predated the agency\u2019s creation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because we wanted to compare the size of failed banks over a span of decades, we needed to adjust asset and deposit amounts for inflation. For the years 1978 to present, we used the Consumer Price Index retroactive series using current methods (<a href=\"https:\/\/www.bls.gov\/cpi\/research-series\/r-cpi-u-rs-home.htm\">R-CPI-U-RS<\/a>), which incorporates changes made by the Bureau of Labor Statistics to the CPI over the decades to create a consistent measurement of historical inflation. Because the retroactive series only goes back to 1978, we used the regular Consumer Price Index for All Urban Consumers (CPI-U) for the years 1930-1977.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our roster of \u201cfailed banks\u201d includes S&amp;Ls, savings banks and other similar institutions (collectively \u201cthrifts\u201d) which failed in large numbers during the&nbsp;<a href=\"https:\/\/www.federalreservehistory.org\/essays\/savings-and-loan-crisis\">S&amp;L crisis<\/a>&nbsp;of the 1980s and 1990s. It also includes <a href=\"https:\/\/www.fdic.gov\/bank\/historical\/managing\/documents\/history-consolidated.pdf\">\u201copen bank assistance\u201d transactions<\/a>, in which the federal government didn\u2019t shut down a troubled bank or thrift immediately but tried to keep it afloat, with tactics that ranged from infusing cash into it to taking it over and running it until a buyer could be found. Such assistance was used extensively during the S&amp;L crisis \u2013 with, at best,&nbsp;mixed results&nbsp;\u2013 but hasn\u2019t been employed since.<\/p>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\">Since the creation of the FDIC during the Depression, the United States has gone through two major banking crises, both of which caused hundreds of institutions to fail. Aside from SVB and Signature, the largest U.S. banking failures (as measured by total assets) all happened during those two earlier crises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Four decades ago, the prolonged savings-and-loan crisis devastated that industry. Between 1980 and 1995, more than 2,900 banks and thrifts with collective assets of more than $2.2 trillion failed, according to a Pew Research Center analysis of FDIC data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More recently, the mortgage meltdown and subsequent global financial crisis took down more than 500 banks between 2007 and 2014, with total assets of nearly $959 billion. That includes Washington Mutual (WaMu), still the&nbsp;<a href=\"https:\/\/special.seattletimes.com\/o\/html\/businesstechnology\/2010131911_wamu25.html\">largest bank failure<\/a> in U.S. history. WaMu had some $307 billion in assets when it collapsed, equivalent to more than $424 billion in today\u2019s dollars. (The aggregate figures don\u2019t include investment banks such as Bear Stearns and Lehman Brothers, which weren\u2019t federally insured, nor banks that were sold under pressure but didn\u2019t technically fail, such as Countrywide Financial and Wachovia.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Outside of those two crisis periods, American banking failures have generally been uncommon, at least since the end of the Great Depression. Between 1941 and 1979, an average of 5.3 banks failed a year. There was an average of 4.3 bank failures per year between 1996 and 2006, and 3.6 between 2015 and 2022. Before SVB and Signature, in fact, it had been over two years since the last bank failure.<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-420-wide\"><a rel=\"attachment wp-att-10901\" href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2023\/04\/11\/most-u-s-bank-failures-have-come-in-a-few-big-waves\/sr_23-03-28_bankfailures_2-png\/\"><img data-dominant-color=\"f2f1ef\" data-has-transparency=\"false\" style=\"--dominant-color: #f2f1ef;\" loading=\"lazy\" decoding=\"async\"  srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_2.png?resize=480,517 480w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_2.png?resize=782,842 782w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_2.png?resize=840,904 840w\" sizes=\"(max-width: 480px) 480px, (max-width: 782px) 782px, 640px\" height=\"452\" width=\"420\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_2.png?w=420\" alt=\"A chart showing that U.S. bank failures peaked in the 1989, but 2023 is a standout year for big collapses.\" class=\"wp-image-10901 not-transparent\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A century ago, the picture was very different. According to FDIC figures, an average of 635 banks failed each year from 1921 to 1929. These were mostly small, rural banks, which were common because many states limited banks to a single office. Only eight states had&nbsp;<a href=\"https:\/\/www.jstor.org\/stable\/pdf\/2119939.pdf?casa_token=r4mpSjt2UdYAAAAA:gEtaw6A5C2YXeL79TzPcffInfEAKXnxQD3QjZBlGE4sBVP8H0n3uOKF3TZ5CrnLbIWm9eLd670MPK4P9Ojo0kB0llg25XJ3UgwX1r3frVO6l5zEkYtk\">deposit-guarantee funds<\/a>, and in their absence people who had money in a failed bank were pretty much out of luck. That meant depositors had a strong incentive to pull out their money at the first sign of trouble.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Depression ravaged the nation\u2019s banking industry. Between 1930 and 1933,&nbsp;<a href=\"https:\/\/www.fdic.gov\/bank\/historical\/managing\/chronological\/pre-fdic.html\">more than 9,000 banks failed<\/a>&nbsp;across the country, and this time many were large, urban, seemingly stable institutions. The few state deposit-guarantee funds were quickly overwhelmed. Overall, depositors in the failed institutions lost more than $1.3 billion (about $27.4 billion in today\u2019s dollars), or 19.6% of total deposits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The FDIC was created in 1933 (deposit insurance itself started on Jan. 1, 1934), and spent the rest of the decade cleaning up the remains of the U.S. banking system. But federal deposit insurance greatly reduced the incentive for panicky depositors to pull their money out of a troubled bank before it went under: Between 1934 and 1940, the FDIC shut down an average of 50.7 banks a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks can fail for many reasons, but generally they fall into a few broad categories: a run on deposits (which leaves the bank without the cash to pay everyone who wants to withdraw their money); too many bad loans or assets that fall precipitously in value (both of which erode the bank\u2019s capital reserves); or a mismatch between what the bank can earn on its assets (primarily loans) and what it has to pay on its liabilities (primarily deposits).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not infrequently, more than one of these factors is at work. At SVB, for instance,&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/03\/28\/svb-congress-hearing-fed-fdic\/\">the bank&#8217;s large holdings of government bonds<\/a>&nbsp;lost value as the Federal Reserve rapidly hiked interest rates. At the same time, as funding for startups became scarcer, more <a href=\"https:\/\/www.nytimes.com\/2023\/03\/10\/business\/silicon-valley-bank-stock.html\">SVB customers began withdrawing their money<\/a>. When <a href=\"https:\/\/www.reuters.com\/business\/finance\/silicon-valley-bank-sell-stock-cope-with-cash-burn-2023-03-09\/\">SVB took extraordinary steps to shore up its balance sheet<\/a> \u2014 selling off its entire bond portfolio at a $1.8 billion loss and saying it would sell $2.25 billion worth of new shares \u2013 anxious depositors took that as a signal to speed up their withdrawals. (Roughly 86% of SVB\u2019s total deposits were above the then-insurance cap of $250,000, according to the bank\u2019s Dec. 31&nbsp;<a href=\"https:\/\/cdr.ffiec.gov\/public\/ManageFacsimiles.aspx\">call report<\/a>.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As banking industry observers wonder whether <a href=\"https:\/\/www.forbes.com\/sites\/richardmcgahey\/2023\/03\/30\/why-commercial-real-estate-could-cause-the-next-bank-failures\/?sh=39d9d8bd17e8\">more dominoes will fall<\/a>, about a third of Americans (36%) say they\u2019re very concerned about the stability of banks and financial institutions \u2013 considerably smaller than the shares expressing that level of concern about consumer prices and housing costs \u2013 according to a recent <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/politics\/2023\/04\/07\/evaluations-of-the-economy-and-the-state-of-the-nation\/\">Pew Research Center survey<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nor can banks count on much public sympathy. More than half of Americans (56%) say banks and other financial institutions have a negative effect on the way things are going in the country these days, while 40% say they have a positive effect, <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2022\/11\/17\/anti-corporate-sentiment-in-u-s-is-now-widespread-in-both-parties\/\">according to an October 2022 Center survey<\/a>. A dim view of the financial services industry, in fact, is one of the few things that unites partisans. In the same October 2022 survey, similar shares of Republicans and those who lean toward the Republican Party (59%) and Democrats and Democratic leaners (57%) said banks and financial institutions have a negative effect on the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After two of the largest U.S. banks collapsed in March, some have started to wonder if a new widespread banking crisis is coming.<\/p>\n","protected":false},"author":658,"featured_media":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"sub_headline":"","sub_title":"","_prc_public_revisions":[],"_ppp_expiration_hours":0,"_ppp_enabled":false,"ai_generated_summary":"","apple_news_api_created_at":"2023-04-11T14:56:35Z","apple_news_api_id":"b5cfed21-dddf-4196-89aa-3ef3a0d4e3be","apple_news_api_modified_at":"2023-05-09T15:08:16Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAQ==","apple_news_api_share_url":"https:\/\/apple.news\/Atc_tId3fQZaJqj7zoNTjvg","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"relatedPosts":[],"datacite_doi":"","datacite_doi_citation":"","_prc_seo_qr_attachment_id":0,"spoken_article_player_enabled":true,"displayBylines":true,"footnotes":"","prc_watchers":[],"_prc_fork_parent":0,"_prc_fork_status":"","_prc_active_fork":0},"categories":[232,235,236,32],"bylines":[842],"datasets":[],"_post_visibility":[],"formats":[467],"_fund_pool":[],"languages":[],"regions-countries":[515],"research-teams":[520],"workflow-status":[],"collection":[],"class_list":["post-8117","short-read","type-short-read","status-publish","hentry","category-economic-conditions","category-economic-policy","category-economic-systems","category-economy-work","bylines-drew-desilver","formats-short-read","regions-countries-united-states","research-teams-politics"],"label":"Short Read","post_parent":0,"word_count":1322,"canonical_url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2023\/04\/11\/most-u-s-bank-failures-have-come-in-a-few-big-waves\/","art_direction":{"A1":{"id":10903,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_feature-jpg.webp","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2023\/04\/SR_23.03.28_BankFailures_feature-jpg.webp?w=564&h=317&crop=1","width":564,"height":317,"caption":"Following Silicon Valley Bank's collapse, customers line up outside a branch in Wellesley, MA, on March 13, 2023. 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