Bank Failures in Brief – 2024 (2024)

FAQs

What banks are collapsing in 2024? ›

The news: Last Friday, Pennsylvania financial regulators seized and shut down Philadelphia-based Republic First Bank in the first FDIC-insured bank failure of 2024.

The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November.

Consulting firm Klaros Group analyzed about 4,000 U.S. banks and found 282 banks face the dual threat of commercial real estate loans and potential losses tied to higher interest rates. The majority of those banks are smaller lenders with less than $10 billion in assets.

Is the TD Bank stock in trouble? In a word, yes. While most Canadian bank stocks have started to slump recently, TD has been going down for weeks. It's trading at a discount of about 30% from its 2022 peak.

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

2024 in Brief

There is 1 bank failure in 2024. See detailed descriptions below. For more bank failure information on a specific year, select a date from the drop down menu to the right or select a month within the graph.

Between Bank of America, Chase, US Bank, Capital One, PNC Bank, Wells Fargo and TD Bank, another 400-plus have already closed in 2024. (Wells Fargo leads the pack with at least 88 bank closure filings, according to the Office of the Comptroller of the Currency.)

Read the CFPB's order. Read the CFPB's 2022 action against U.S. Bank. In its previous action against the bank, the CFPB fined U.S. Bank $37.5 million for illegally accessing its customers' credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers' permission.

What is happening with banks in 2024? ›

15% of banks plan to reduce their technology spending in 2024—the largest percentage in the history of What's Going On In Banking. 23% of banks and 27% of credit unions say they'll never be done with their digital transformation strategies. (Cornerstone applauds these institutions.)

The collapses in March of Silicon Valley Bank (SVB) and Signature Bank – two of the largest U.S. banks to fail since the Great Depression of the 1930s – have led some to wonder if the nation may be headed for a new widespread banking crisis.

J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.

Banks often pursue acquisitions of competitors to cut expenses on overlapping staff, services and facilities. The savings support profits. In recent years, closing branches has often proven integral to deal-related cost-cutting.

(FDIC) protects consumers against loss, up to a certain amount, if their bank or thrift institution fails. Not all banking institutions are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest. The FDIC doesn't insure share accounts at credit unions.

Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.