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More Fun Bank Failure Facts

I really enjoy trivia posts and had a lot of fun researching facts to include on my fifty fun facts about bank failures [3] post, so I thought I’d bring it back. This time I wanted to cut out all the other stuff, like FDIC insurance facts and “first bank failure” type facts, and just look at the list of failures themselves.

The statistics were calculated from the FDIC’s list of failed banks [4] and we used data going back to 2000.

More Bank Failure Facts

  1. The greatest number of failed banks in one day was nine on October 30th, 2009. San Diego National Bank in San Diego CA, Bank USA in Phoenix AZ, Park National Bank in Chicago IL, Madisonville State Bank in Madisonville TZ, North Houston Bank in Houston TX, Citizens National Bank in Teague TX, Pacific National Bank in San Francisco CA, COmmunity Bank of Lemont in Lemont IL, and California National Bank in Los Angeles CA.
  2. Which state has had the most number of failures? Georgia (40) edges out Illinois (36) with Florida (29) and California (28) battling hard for fourth and fifth place.
  3. Which city has had the most number of bank failures? It’s a shared honor – seven in Atlanta, GA and Chicago, IL.
  4. Four of the Chicago bank failures occurred on the same day – April 23, 2010. The FDIC seized seven banks that day, all of which were in Illinois.
  5. Less surprising is that the second most number of bank failures in a city is four – Alpharetta, GA, Los Angeles, CA, and Phoenix, AZ.
  6. There are seven states without a failed bank – Alaska, Delaware, Maine, Mississippi, Montana, North Dakota and Vermont.
  7. 1006 – that’s the lowest FDIC certificate number of a failed bank since 2000, belonging to Citizens State Bank in New Baltimore, MI. Citizens was formed on June 2nd, 1922. It failed on December 18th, 2009.
  8. Recently, the FDIC has been seizing banks on a Friday but that hasn’t always been the case. 92.4% of closures were done on a Friday, though 6.4% saw a closing on Thursday. Monday, Saturday, and Wednesday saw just one closure each (our of 265). The FDIC must be sharpening their pitchforks on Tuesdays as they didn’t close a single bank in the last ten years on that day. And we assume that most Sundays they’re busy readying the bank to be reopened on Monday.
  9. Dwelling House Savings and Loan Association [5] has the longest name of any failed bank.
  10. The shortest name? ebank [6].

Bank failures aren’t fun, but their facts can be!

(Photo: phobia [7])