Fun bank failure facts
Georgia has had the most bank failures since 2000, edging out Illinois. Who knew?
I really enjoy trivia posts and had a lot of fun researching facts to include in my "50 fun facts about bank failures" 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 below are based on the FDIC's list of failed banks, and we used data going back to 2000.
Bank failure facts:
- The greatest number of failed banks in one day was nine on Oct. 30, 2009: San Diego National Bank in San Diego; Bank USA in Phoenix; Park National Bank in Chicago; Madisonville State Bank in Madisonville, Tenn.; North Houston Bank in Houston; Citizens National Bank in Teague, Texas; Pacific National Bank in San Francisco; Community Bank of Lemont in Lemont, Ill.; and California National Bank in Los Angeles.
- Bing: Why banks fail
- Which state has had the most failures? Georgia (40) edges out Illinois (36), with Florida (29) and California (28) battling hard for third and fourth place.
- Which city has had the most bank failures? It's a shared honor: seven each in Atlanta and Chicago.
- 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.
- The second highest number of bank failures in a city is four: Alpharetta, Ga; Los Angeles, and Phoenix.
- There are seven states without a failed bank: Alaska, Delaware, Maine, Mississippi, Montana, North Dakota and Vermont.
- The lowest FDIC certificate number of a failed bank since 2000 is 1006, belonging to Citizens State Bank in New Baltimore, Mich. Citizens was formed on June 2, 1922. It failed on Dec. 18, 2009.
- Recently, the FDIC has been seizing banks on a Friday but that hasn't always been the case. All told, 92.4% of closures were done on a Friday, and 6.4% had a closing on Thursday. Monday, Saturday, and Wednesday saw just one closure each (out of 265). The FDIC must be sharpening its pitchforks on Tuesdays as it didn't close a single bank in the last 10 years on that day. And we assume that most Sundays they're busy readying the bank to be reopened on Monday.
- Dwelling House Savings and Loan Association has the longest name of any failed bank.
- The shortest name? Ebank.
Bank failures aren't fun, but their facts can be!
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