The Largest U.S. Bank Failures in Modern History
- The collapse of Silicon Valley Bank impacted $175 billion in deposits and $209 billion in assets
- First Republic Bank was seized two months later, in the second-largest bank failure by assets in U.S. history
The Largest Bank Failures in Modern History
Silicon Valley Bank cratered at warp speed—and within weeks, two other institutions folded in the March banking panic.
Just two months later, First Republic became the next casualty. After $100 billion in deposits were drained from the bank in days, the San Francisco-based bank began facing mounting pressures. On Monday, JPMorgan assumed ownership of the failed institution in the second-biggest bank collapse in U.S. history, by assets.
With data from the Federal Deposit Insurance Corporation (FDIC), the above graphic charts over 500 bank failures since 2001.
Top 20 Bank Failures Since 2001
The last time a major banking collapse took place, a flood of bank shutdowns followed.
After banks reported billions in subprime-mortgage losses in late 2007, sentiment began to shift. As losses snowballed in 2008, it triggered a run on shadow banks—institutions that aren’t regulated like banks but perform similar actions.
Back then, banks and shadow banks were holding foreclosed mortgages as collateral. At the time, it was also difficult to determine the value of these assets. A credit crisis spurred a wave of bank collapses.
Here are the top 20 bank failures over the last two decades:
|1||Washington Mutual Bank||Sep 2008||$188.0B||$307.0B|
|2||Silicon Valley Bank||Mar 2023||$175.4B||$209.0B|
|3||First Republic Bank||May 2023||$103.9B||$229.1B|
|4||Signature Bank||Mar 2023||$88.6B||$110.4B|
|5||Colonial Bank||Aug 2009||$20.0B||$25.0B|
|6||IndyMac Bank||Jul 2008||$19.1B||$32.0B|
|7||Guaranty Bank||Aug 2009||$12.0B||$13.0B|
|8||Downey Savings and|
|10||AmTrust Bank||Dec 2009||$8.0B||$12.0B|
|11||Corus Bank||Sep 2009||$7.0B||$7.0B|
|12||California National Bank||Oct 2009||$6.2B||$7.8B|
|13||First Federal Bank of California||Dec 2009||$4.5B||$6.1B|
|14||R-G Premier Bank of Puerto Rico||Apr 2010||$4.3B||$5.9B|
|15||Doral Bank||Feb 2015||$4.1B||$5.9B|
|16||Park National Bank||Oct 2009||$3.7B||$4.7B|
|17||Franklin Bank||Nov 2008||$3.7B||$5.1B|
|18||First NBC Bank||Apr 2017||$3.5B||$4.7B|
|19||Amcore Bank||Apr 2010||$3.4B||$3.8B|
|20||Silverton Bank||May 2009||$3.3B||$4.1B|
The banks collapsing in more recent days have been holding U.S. Treasuries as collateral. These have declined in value as interest rates have spiked. Their customer bases are also concentrated, which decreases diversification. Just as Silicon Valley Bank served a niche clientele of venture-backed tech startups, Signature Bank worked with high-risk crypto firms.
As these banks poured deposits in long-term bonds when interest rates were historically low, it was a reflection of faulty risk management and the assumption that interest rates would remain at these levels.
What Happens Now?
U.S. banking regulators have shown that they’re serious about preventing any future fallout.
Together, the Federal Reserve, U.S. Treasury, and the FDIC took emergency measures to enable all Silicon Valley Bank and Signature Bank depositors access to their funds days after their collapse. This was after an auction that resulted in no buyer.
For First Republic, all of the 84 branches will now be under ownership of JPMorgan, with the FDIC stating that clients will have access to both insured and uninsured deposits.
In each of the three bank failures so far in 2023, regulators have taken swift action to repay depositors and stem systemic risk. This has led many market participants to believe that banking troubles are contained.
As the effects of the fastest rate hikes in decades continue to be felt, whether or not this proves to be the case is anyone’s guess.
Where does this data come from?
Source: Federal Deposit Insurance Corporation, May 2023.
The 10 Longest Range EVs for 2023
This infographic lists 10 of the longest range EVs currently for sale in the U.S. in 2023. The Lucid Air takes first place at 516 miles.
- EV models with over 300 miles (480 km) of range are becoming more common in the United States
- The Lucid Air (Grand Touring trim) has the highest EPA range at 516 miles (830 km)
The 10 Longest Range EVs for 2023
Range anxiety is frequently cited as one of the biggest turnoffs of electric vehicles (EVs).
Even as recent as 2021, the average range of an EV was just 217 miles (349 km), falling significantly short from the average gas car’s range of 413 miles (665 km). Thankfully, as this infographic shows, EVs with over 300 miles of range are becoming more common.
Below are the top 10 EVs for 2023, ranked by their EPA combined driving range. For further context, we’ve also included price. These values are for the specific trim that achieves the stated range. In some cases, more expensive trims are available but have a lower range (e.g. Tesla Plaid).
|Model||EPA Combined Driving Range||Price*|
|Lucid Air||516 mi (830 km)||$138,000|
|Tesla Model S||405 mi (652 km)||$84,990|
|Hyundai Ioniq 6||361 mi (581 km)||$45,500|
|Tesla Model 3||358 mi (576 km)||$55,990|
|Mercedes-Benz EQS||350 mi (563 km)||$104,400|
|Tesla Model X||348 mi (560 km)||$94,990|
|Tesla Model Y||330 mi (531 km)||$52,990|
|GMC Hummer EV Pickup||329 mi (529 km)||$110,295|
|Rivian R1T||328 mi (528 km)||$74,800|
|BMW iX||324 mi (521 km)||$87,100|
*Most recent prices available as of April 2023
Note that the EV market is rapidly evolving, and the data in this table has a limited shelf life. For example, Rivian is releasing a battery option dubbed the “Max pack” which promises up to 400 miles, but is not yet EPA rated.
Where Does This Data Come From?
Source: Car and Driver (range), manufacturer websites (price)
Wealth3 weeks ago
Ranked: The World’s Top 50 Endowment Funds
Green5 days ago
Ranked: The 20 Most Air-Polluted Cities on Earth
Markets3 weeks ago
Charting the Rise of America’s Debt Ceiling
Technology4 days ago
Ranked: America’s Largest Semiconductor Companies
Misc3 weeks ago
Ranked: The Cities with the Most Skyscrapers in 2023
Markets4 days ago
The Fastest Rising Asset Classes in 2023
Urbanization3 weeks ago
Ranked: The World’s Biggest Steel Producers, by Country
Markets3 days ago
Mapped: The State of Economic Freedom in 2023