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Yahoo
4 days ago
- Business
- Yahoo
The 8 largest bank failures in US history
A bank failure occurs when a state or federal regulator closes it, typically after determining that it's insolvent. When this happens, the Federal Deposit Insurance Corp. (FDIC) steps in to cover member banks' insured deposits. Regardless of its size, the bank is insured, provided it's a member of the FDIC. Since the FDIC was formed in 1933, there have been thousands of bank failures in the U.S. Fortunately, failures at larger banks don't happen often. But in 2023, the banking industry saw three major banks fail, when Silicon Valley Bank collapsed, followed by Signature Bank and First Republic Bank, sending shock waves through the banking industry. Learn more: Bankrate's list of failed banks from 2009 to 2025 How did those failures stack up against other major bank failures? And what can you do to ensure you never need to lose sleep over your bank's health? Read on to see the list of the eight largest bank failures and what it takes to protect your money in the event of a bank failure. History lesson In March 2023, the banking community was thrown for a loop when Silicon Valley Bank (SVB), which provided financial services to startup technology companies in Silicon Valley, failed, resulting in its parent company, SVB Financial Group, filing for Chapter 11 bankruptcy protection. In its wake, two other major banks failed: Signature Bank and First Republic Bank. SVB was the 16th largest bank in the U.S. earlier that year, but it became the largest bank in 15 years to fail since the global financial crisis of 2008. For a thorough understanding of the collapse of these banks, and the lessons learned by consumers, read Bankrate's comprehensive analysis of the failures of Silicon Valley Bank, Signature Bank and First Republic Bank. The eight largest bank failures Bank name Bank failure date Assets* Washington Mutual Bank (WAMU) Sept. 25, 2008 $307 billion† First Republic Bank May 1, 2023 $212.6 billion Silicon Valley Bank March 10, 2023 $209.0 billion Signature Bank March 12, 2023 $110.4 billion Continental Illinois National Bank and Trust Co. May 17, 1984 $41.4 billion First RepublicBank, Dallas July 29, 1988 $32.5 billion IndyMac Bank, F.S.B. July 11, 2008 $32.0 billion Colonial Bank Aug. 14, 2009 $25 billion† Note: This table only includes bank failures, not banks that were provided assistance.*Ranked by assets at, or near, the time of bank failure. †Rounded to the nearest FDIC, Federal Reserve and the Federal Reserve Bank of St. Louis. Recent bank failures During the Great Depression, from 1930 to 1933, approximately 9,000 banks failed, taking with them $7 billion in depositors' assets, according to the FDIC. As a result, the Banking Act of 1933 — also known as the Glass-Steagall Act — signed by President Franklin Roosevelt, created the FDIC. Today, bank failures are far less numerous than they were in the 1930s, but they still occur. For example, from 2001 through today, there have been some 570 bank failures, according to the FDIC. Of note, more than 500 of these failures occurred between 2007 and 2014 due to the global financial crisis. Learn more: Bankrate's guide on how to open a bank account Here's a look at bank failures that have occurred since First Republic Bank closed on May 1, 2023. All the bank failures since then have had significantly smaller total assets than the eight largest bank failures. Date of bank failure Failed bank Total Assets July 28, 2023 Heartland Tri-State Bank $139 million Nov. 3, 2023 Citizens Bank $66 million April 26, 2024 Republic First Bank (dba Republic Bank) $6 billion† Oct. 18, 2024 The First National Bank of Lindsay $107.8 million Jan. 17, 2025 Pulaski Savings Bank $49.5 million June 27, 2025 The Santa Anna National Bank $63.8 million Source: FDIC Learn more: The history of FDIC deposit insurance limits How to make sure you're banking safely Because bank failures occur from time to time, it's important to have your money in a bank that's insured by the FDIC or by the National Credit Union Administration (NCUA) if you're banking at a credit union. It's also important to understand how deposit insurance works, including what types of bank accounts are covered (such as those listed in Bankrate's best high-yield savings accounts and Bankrate's best money market accounts), and what the limitations include. Read Bankrate's comprehensive primer guide about the FDIC, and how it's designed to protect bank consumers. If you bank at a credit union, read Bankrate's guide NCUA: What it is and how it keeps your money at credit unions safe. FDIC insurance is backed by the U.S. government and guarantees bank consumers that their money is safe for up to a limit of $250,000 per depositor, per FDIC-insured bank, per ownership category. Bankrate's best rates Whether you're looking to open a new bank account or socking away cash in a high-yielding deposit account for a major life event, you can trust Bankrate to provide you with timely, comprehensive lists of top-rated deposit accounts. From Bankrate's best checking accounts to best certificates of deposit, you can sleep tight at night with our list of banks and credit unions that offer accounts nationwide, all from financial institutions that are federally insured. Bottom line It doesn't matter whether your bank is the largest in the country or a one-branch bank in rural America — if it's a member of the FDIC, your money is protected within its guidelines should your bank fail. It's important to note that credit unions can fail, too. Credit union members should make sure they're banking at an NCUA-member credit union. The NCUA manages the National Credit Union Share Insurance Fund, or NCUSIF, which guarantees money in a credit union's account is backed with the full faith and credit of the U.S. government. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Malaysian Reserve
18-07-2025
- Business
- Malaysian Reserve
SHAREHOLDER ALERT: The M&A Class Action Firm Launches Legal Inquiry for the Merger: SONN, SKX, FCCO, and SGBG
NEW YORK, July 18, 2025 /PRNewswire/ — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the 'M&A Class Action Firm'), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Sonnet BioTherapeutics, Inc. (NASDAQ: SONN) related to its merger with Rorschach I LLC. Upon completion of the proposed transaction, Sonnet shareholders will own approximately 1% of the combined company. Click here for more information It is free and there is no cost or obligation to you. Skechers U.S.A., Inc. (NYSE: SKX) related to its sale to Beach Acquisitions Co Parent. Upon completion of the proposed transaction, outstanding Skechers stock will be cancelled and converted into the right to receive either (i) $63.00 in cash or (ii) $57.00 in cash plus one limited liability company unit of Beach Acquisitions, depending the Skechers shareholder election and subject to proration. Click here for more information It is free and there is no cost or obligation to you. First Community Corporation (NASDAQ: FCCO) related to its merger with Signature Bank of Georgia. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Click here for more information It is free and there is no cost or obligation to you. Signature Bank of Georgia (OTCMKTS: SGBG) related to its merger with First Community Corporation. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Click here for more information It is free and there is no cost or obligation to you. NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask: Do you file class actions and go to Court? When was the last time you recovered money for shareholders? What cases did you recover money in and how much? About Monteverde & Associates PC Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@ or by telephone at (212) 971-1341. Contact:Juan Monteverde, & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4740New York, NY 10118United States of Americajmonteverde@ (212) 971-1341 Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC ( Prior results do not guarantee a similar outcome with respect to any future matter.
Yahoo
16-07-2025
- Business
- Yahoo
SC's First Community broaches Atlanta area in $41.6M deal
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Lexington, South Carolina-based First Community Corp. will acquire Sandy Springs-based Signature Bank of Georgia in a roughly $41.6 million deal that would bring First Community Bank to the Atlanta metro area, the companies said Monday. "During our initial conversations, there was immediate mutual recognition of cultural alignment,' First Community Corp. CEO Mike Crapps said. 'Signature's deep local relationships, talented leadership team and specialized lending capabilities – especially in [Small Business Administration lending] – will significantly enhance our presence and service offerings across all of our combined markets.' The deal, expected to be complete by the first quarter of 2026, will create a 23-location entity that counts about $2.3 billion in assets, $2 billion in deposits and $1.5 billion in loans. As part of the transaction, Signature CEO Freddie Deutsch will become a regional market president and director of specialty business lending at First Community Bank. "This transaction provides meaningful value to our shareholders — including a cash dividend and increased liquidity — while positioning the combined company for long-term success,' Deutsch said. Two Signature directors will join First Community's board as part of the deal. Signature shareholders are set to receive 0.6410 shares of First Community stock for each Signature share they own. The estimated $41.6 million value of the deal stems from First Community's $24.84-per-share closing price from Friday. The transaction is estimated to be 4.4% accretive to First Community's earnings per share in 2026, with a tangible book value dilution of roughly 2.6% and an earn-back period of 2.2 years, the companies said. First Community Bank CEO Ted Nissen called the SBA lending prospects from the deal 'compelling.' "Signature's team brings deep expertise and a strong track record in small-business lending, which aligns perfectly with our strategic focus on supporting entrepreneurs, local businesses and professionals,' Nissen said. 'Together, we're well positioned to expand this line of business across our legacy footprint while also enhancing Signature's existing franchise with our wealth management and residential mortgage lines of business." Recommended Reading WaFd to buy Luther Burbank in $654M deal to enter California Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
15-07-2025
- Business
- Globe and Mail
FCCO Stock Alert: Halper Sadeh LLC is Investigating Whether the Merger of First Community Corporation is Fair to Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of First Community Corporation (NASDAQ: FCCO) and Signature Bank of Georgia is fair to First Community shareholders. Halper Sadeh encourages First Community shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@ or zhalper@ The investigation concerns whether First Community and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for First Community shareholders; and (2) disclose all material information necessary for First Community shareholders to adequately assess and value the merger consideration. On behalf of First Community shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Zawya
27-06-2025
- Business
- Zawya
Blackstone deepens CRE bet with $2bln loan purchase from Atlantic Union
Alternative asset manager Blackstone has bought nearly $2 billion worth of commercial real estate loans from regional lender Atlantic Union Bankshares , further extending its aggressive push into the CRE sector. The loans were bought at a slight discount to their face value, the companies said on Thursday. The loans originated from Sandy Spring Bank, which Atlantic Union bought in a $1.6 billion deal in April. The sale enables Atlantic Union to swiftly reduce its exposure to CRE loans, a segment that has been under pressure due to elevated interest rates and increasing office vacancies driven by the rise of remote work. Proceeds from the sale will enable Atlantic Union to pay down costly deposits and expand its portfolio of securities investments, the company said. "We view the sale as a positive, as completion of the transaction at a reasonable price had been a question for some," Raymond James analysts wrote in a note, reiterating their "strong buy" rating on the stock. Meanwhile, for Blackstone, the deal was another opportunity to acquire CRE assets at a discount. The company has been ramping up its exposure to the sector over recent years, notably through the acquisition of a stake in the $17 billion CRE debt portfolio of Signature Bank, a lender that failed in 2023. Blackstone has pushed into the sector to capitalize on banks' retreat, deploy capital and secure higher-yielding investment opportunities. The company is executing the deal through its Blackstone Real Estate Debt Strategies arm, which currently manages $76 billion of assets, including $8 billion it raised in March for one of the largest real estate debt funds ever. Morgan Stanley served as the sole structuring adviser to Atlantic Union, while Citigroup Global Markets and CBRE National Loan & Portfolio Sale Advisors acted as financial advisers to Blackstone. (Reporting by Niket Nishant in Bengaluru; Editing by Mohammed Safi Shamsi and Shinjini Ganguli)
