Briefing
2023: three of the four largest failures ever
Five insured banks failed in 2023, and three of them rank among the four largest failures in FDIC records: First Republic Bank (second by total assets), Silicon Valley Bank (third) and Signature Bank (fourth). Together the five reported $532 billion in assets at their last reports, and the FDIC's estimated loss on them is $34.3 billion as of July 31, 2026.
52 days
The three large failures came within 52 days of each other. Silicon Valley Bank was closed on Friday, March 10, 2023, Signature Bank 2 days later on Sunday, March 12, 2023, and First Republic Bank on Monday, May 1, 2023. Two of the three closings did not fall on the usual Friday. For comparison, the 489 failures of 2008 to 2013 reported $686 billion in assets between them; the five failures of 2023 come to 78% of that total.
| Bank | Closed | Location | Total assets | Est. loss | Taken over by |
|---|---|---|---|---|---|
| Silicon Valley Bank | March 10, 2023 | Santa Clara, CA | $209 billion | $18.7 billion | First-Citizens Bank & Trust Company |
| Signature Bank | March 12, 2023 | New York, NY | $110 billion | none recorded | Flagstar Bank, N.A. |
| First Republic Bank | May 1, 2023 | San Francisco, CA | $213 billion | $15.5 billion | JPMorgan Chase Bank, N.A. |
| Heartland Tri-State Bank | July 28, 2023 | Elkhart, KS | $139 million | $42.7 million | Dream First Bank, N.A. |
| Citizens Bank | November 3, 2023 | Sac City, IA | $60.4 million | $12.5 million | Iowa Trust & Savings Bank |
Silicon Valley Bank
The bank's own quarterly reports show how fast it had grown. Total assets went from $58.9 billion in the first quarter of 2019 to a peak of $218 billion in the first quarter of 2022, 270% more in three years, and stood at $209 billion in its last report, for the fourth quarter of 2022. Equity capital was 7.4% of assets in that final report. The full series is charted on the Silicon Valley Bank page.
Its estimated loss of $18.7 billion makes it the costliest failure in FDIC records, ahead of First Republic Bank at $15.5 billion. First-Citizens Bank & Trust Company took over its deposits and loans.
Signature Bank and First Republic Bank
Signature Bank of New York reported $110 billion in assets. Its record in the FDIC failure data shows no estimated loss to the fund as of July 31, 2026; Flagstar Bank, N.A. took over its deposits. First Republic Bank, based in San Francisco, reported $213 billion and went to JPMorgan Chase Bank, N.A., which also appears in the record as the acquirer of Washington Mutual Bank in 2008.
The two small failures
The other two failures of 2023 looked like most closings before them. Heartland Tri-State Bank of Elkhart, Kansas and Citizens Bank of Sac City, Iowa reported $139 million and $60.4 million in assets. Their estimated losses equal 31% and 21% of assets. The median for all failures under $500 million since 2000 is 24%; the large three together lost an estimated 6.4% of their combined assets.
After 2023
Since then the record shows ten more failures through September 25, 2026, all of them far smaller; the largest was Republic First Bank dba Republic Bank. They are listed on the year pages for 2024, 2025 and 2026.
Growth before the fall
Signature Bank's Call Reports show total assets of $50.6 billion in the fourth quarter of 2019 and a peak of $122 billion in the first quarter of 2022; equity capital stood at 7.3% of assets in its last report, for the fourth quarter of 2022.
First Republic Bank's Call Reports show total assets of $124 billion in the first quarter of 2020 and a peak of $233 billion in the first quarter of 2023; equity capital stood at 7.7% of assets in its last report, for the first quarter of 2023.
2023 against 2008
The closest comparison in the record is 2008, when 25 banks failed with $372 billion in assets, most of it in Washington Mutual Bank and IndyMac Bank. The 2023 failures held more assets than the 2008 failures; the estimated loss on 2023 is $34.3 billion, against $17.7 billion for 2008.
The small failures in the Call Reports
Heartland Tri-State Bank of Elkhart reported equity capital of 6.0% of assets in its last Call Report, for the first quarter of 2023, and was taken over by Dream First Bank, N.A.. Citizens Bank of Sac City reported equity capital of -4.5% of assets in its last Call Report, for the third quarter of 2023, and was taken over by Iowa Trust & Savings Bank.
Counting from the start of 2020, the record holds 19 failures; the three large closings of 2023 account for 98% of their assets. The explorer lists all of them with their estimated losses.
Sources
Federal Deposit Insurance Corporation: BankFind Suite failures, institutions and financials data; Failed Bank List. All figures computed by this site from those records; see how to read the data.