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a day ago
- Business
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Federal government considers raising deposit insurance limit to $150,000
OTTAWA — The federal government is looking for feedback on changes to Canada's deposit insurance framework that could see the coverage limit raised to $150,000. Right now, the Canada Deposit Insurance Corp. will guarantee Canadians' deposits up to $100,000 in the event of a bank failure as long as they're held with a member institution. All large Canadian banks and many other financial institutions are a part of the CDIC framework, which covers most deposits and guaranteed investment certificates but not mutual funds, stocks, bonds or cryptocurrencies. Finance Canada is asking Canadians and other stakeholders in the financial system to weigh in on the proposed higher limit and a few other potential changes by Sept. 26. The department is also consulting on extending coverage for temporarily high balances tied to a disruptive life event and requiring banks to offer more upfront information to customers about what CDIC insurance covers. Ottawa's last review of the deposit insurance framework kicked off over a decade ago and saw coverage expanded for foreign currencies in 2018. This report by The Canadian Press was first published July 22, 2025. The Canadian Press 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
Yahoo
16-07-2025
- Business
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List of failed banks: 2009-2025
In the first six months of 2025, two small banks failed. The Santa Anna National Bank in Texas, which had $63.8 million in total assets and $53.8 million in total deposits as of mid-June, closed its doors on June 27. It's the second bank to fail this year. On Jan. 17, Pulaski Savings Bank in Chicago closed with $49.5 million in total assets and $42.7 million in total deposits last reported in late September 2024. Both banks were small, one-branch banks, however they were insured by the Federal Deposit Insurance Corp. (FDIC). A few bank failures typically happen each year. A bank failure occurs when a financial institution becomes insolvent, meaning it lacks the funds to cover its customers' deposits and the money it owes to others, according to the FDIC. Bank failures can result from a myriad of factors, such as mismanagement, economic forces and criminal activity. Because banks often fail with little to no notice, it's important to have your money — including money tied into deposit accounts such as savings accounts and certificates of deposit — at a bank that's insured by the FDIC. What's more, it's important to make sure your balances are within FDIC insurance limits and guidelines. Did you know? No depositor has lost a penny of FDIC-insured funds since 1933, according to the FDIC. For the past 92 years, the FDIC exists to make sure you're confident that your money is safe if your bank fails. Learn more about the workings of the FDIC in Bankrate's primer: A guide to what FDIC insurance is and how it works. There were five bank failures in 2023, a year with some of the largest bank failures in U.S. history. They included Silicon Valley Bank, which failed on March 10, followed two days later by Signature Bank, ending an unusual streak of more than 800 days without a bank failure. Those were followed by First Republic Bank on May 1, then Heartland Tri-State Bank on July 28. Later, in November 2023, Citizens Bank failed. Bank failures may be few and far between, but they're not uncommon. In fact, in most years at least one bank fails. It's rare for there to be years like 2022, 2021, 2018, 2006 or 2005, when no banks failed. It's also uncommon for there to be more than a year between bank failures. Previous bank failure Bank failure Days since previous bank failure June 25, 2004 Feb. 2, 2007 951 Oct. 23, 2020 March 10, 2023 867 Jan. 13, 1945 Sept. 14, 1946 608 Dec. 15, 2017 May 31, 2019 531 Aug. 16, 1996 Nov. 21, 1997 461 Feb. 19, 1962 May 24, 1963 458 May 26, 1953 Aug. 9, 1954 439 Before March 2023, only three banks had failed since the coronavirus pandemic started. And all three (The First State Bank, First City Bank of Florida and Almena State Bank) experienced previous financial problems, according to the FDIC. (There was one bank failure in 2020 before the pandemic started.) As soon as a bank fails, the FDIC estimates how much that bank failure will cost the Deposit Insurance Fund (DIF). Quarterly assessments on FDIC-insured banks fund most of the DIF, according to the FDIC. The following tables list the number of U.S. banks that have failed since 2009. All data is from the FDIC. Year Total number of bank failures 2025 2 2024 2 2023 5 2022 0 2021 0 2020 4 2019 4 2018 0 2017 8 2016 5 2015 8 2014 18 2013 24 2012 51 2011 92 2010 157 2009 140 Failed banks Date closed The Santa Anna National Bank, Santa Anna, Texas 06/27/2025 Pulaski Savings Bank, Chicago 01/17/2025 Failed banks Date closed The First National Bank of Lindsay, Oklahoma 10/18/2024 Republic First Bank, Philadelphia (DBA Republic Bank) 04/26/2024 Failed banks Date closed Citizens Bank, Sac City, Iowa 11/03/2023 Heartland Tri-State Bank, Elkhart, Kansas 07/28/2023 First Republic Bank, San Francisco 05/01/2023 Signature Bank, New York 03/12/2023 Silicon Valley Bank, Santa Clara, Calif. 03/10/2023 Failed banks Date closed Almena State Bank, Almena, Kan. 10/23/2020 First City Bank of Florida, Fort Walton Beach, Fla. 10/16/2020 The First State Bank, Barboursville, 04/03/2020 Ericson State Bank, Ericson, Neb. 02/14/2020 Failed banks Date closed City National Bank of New Jersey, Newark 11/1/2019 Resolute Bank, Maumee, Ohio 10/25/2019 Louisa Community Bank, Louisa, Ky. 10/25/2019 The Enloe State Bank, Cooper, Texas 05/31/2019 Failed banks Date closed Washington Federal Bank for Savings, Chicago 12/15/2017 The Farmers and Merchants State Bank of Argonia, Argonia, Kan. 10/13/2017 Fayette County Bank, Saint Elmo, Ill. 05/26/2017 Guaranty Bank, (dba BestBank in Georgia and Michigan), Milwaukee 05/05/2017 First NBC Bank, New Orleans 04/28/2017 Proficio Bank, Cottonwood Heights, Utah 03/03/2017 Seaway Bank & Trust Co., Chicago 01/27/2017 Harvest Community Bank, Pennsville, N.J. 01/13/2017 Failed banks Date closed Allied Bank, Mulberry, Ark. 09/23/2016 The Woodbury Banking Company, Woodbury, Ga. 08/19/2016 First CornerStone Bank, King of Prussia, Pa. 05/06/2016 Trust Company Bank, Memphis, Tenn. 04/29/2016 North Milwaukee State Bank, Milwaukee 03/11/2016 Failed banks Date closed Hometown National Bank, Longview, Wash. 10/02/2015 The Bank of Georgia, Peachtree City, Ga. 10/02/2015 Premier Bank, Denver 07/10/2015 Edgebrook Bank, Chicago 05/08/2015 Doral Bank, San Juan, Puerto Rico 02/27/2015 Capitol City Bank & Trust Co., Atlanta 02/13/2015 Highland Community Bank, Chicago 01/23/2015 First National Bank of Crestview, Crestview, Fla. 01/16/2015 Failed banks Date closed Northern Star Bank, Mankato, Minn. 12/19/2014 Frontier Bank (dba El Paseo Bank), Palm Desert, Calif. 11/07/2014 The National Republic Bank of Chicago 10/24/2014 NBRS Financial, Rising Sun, Md. 10/17/2014 GreenChoice Bank, Chicago 07/25/2014 Eastside Commercial Bank, Conyers, Ga. 07/18/2014 The Freedom State Bank, Freedom, Okla. 06/27/2014 Valley Bank, Fort Lauderdale, Fla. 06/20/2014 Valley Bank, Moline, Ill. 06/20/2014 Slavie Federal Savings Bank, Bel Air, Md. 05/30/2014 Columbia Savings Bank, Cincinnati 05/23/2014 AztecAmerica Bank, Berwyn, Ill. 05/16/2014 Allendale County Bank, Fairfax, S.C. 04/25/2014 Vantage Point Bank, Horsham, Pa. 02/28/2014 Millennium Bank, Sterling, Va. 02/28/2014 Syringa Bank, Boise, Idaho 01/31/2014 The Bank of Union, El Reno, Okla. 01/24/2014 DuPage National Bank, West Chicago, Ill. 01/17/2014 Failed banks Date closed Texas Community Bank, The Woodlands, Texas 12/13/2013 Bank of Jackson County, Graceville, Fla. 10/30/2013 First National Bank, Edinburg, Texas 9/13/2013 The Community's Bank, Bridgeport, Conn. 9/13/2013 Sunrise Bank of Arizona, Phoenix 8/23/2013 Community South Bank, Parsons, Tenn. 8/23/2013 Bank of Wausau, Wausau, Wis. 8/9/2013 First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral), Ft. Myers 8/2/2013 Mountain National Bank, Sevierville, Tenn. 6/7/2013 1st Commerce Bank, North Las Vegas, Nev. 6/6/2013 Banks of Wisconsin (dba Bank of Kenosha), Kenosha 5/31/2013 Central Arizona Bank, Scottsdale, Ariz. 5/14/2013 Sunrise Bank, Valdosta, Ga. 5/10/2013 Pisgah Community Bank, Asheville, N.C. 5/10/2013 Douglas County Bank, Douglasville, Ga. 4/26/2013 Parkway Bank, Lenoir, N.C. 4/26/2013 Chipola Community Bank, Marianna, Fla. 4/19/2013 Heritage Bank of North Florida, Orange Park 4/19/2013 First Federal Bank, Lexington, Ky. 4/19/2013 Gold Canyon Bank, Gold Canyon, Ariz. 4/5/2013 Frontier Bank, LaGrange, Ga. 3/8/2013 Covenant Bank, Chicago 2/15/2013 1st Regents Bank, Andover, Minn. 1/18/2013 Westside Community Bank, University Place, Wash. 1/11/2013 Failed banks Date closed Community Bank of the Ozarks, Sunrise Beach, Mo. 12/14/2012 Hometown Community Bank, Braselton, Ga. 11/16/2012 Citizens First National Bank, Princeton, Ill. 11/2/2012 Heritage Bank of Florida, Lutz, Fla. 11/2/2012 NOVA Bank, Berwyn, Pa. 10/26/2012 Excel Bank, Sedalia, Mo. 10/19/2012 First East Side Savings Bank, Tamarac, Fla. 10/19/2012 GulfSouth Private Bank, Destin, Fla. 10/19/2012 First United Bank, Crete, Ill. 9/28/2012 Truman Bank, St. Louis 9/14/2012 First Commercial Bank, Bloomington, Minn. 9/7/2012 Waukegan Savings Bank, Waukegan, Ill. 8/3/2012 Jasper Banking Company, Jasper, Ga. 7/27/2012 Second Federal Savings and Loan Association of Chicago 7/20/2012 Heartland Bank, Leawood, Kan. 7/20/2012 First Cherokee State Bank, Woodstock, Ga. 7/20/2012 Georgia Trust Bank, Buford, Ga. 7/20/2012 The Royal Palm Bank, Naples, Fla. 7/20/2012 Glasgow Savings Bank, Glasgow, Mo. 7/13/2012 Montgomery Bank & Trust, Ailey, Ga. 7/6/2012 The Farmers Bank of Lynchburg, Lynchburg, Tenn. 6/15/2012 Security Exchange Bank, Marietta, Ga. 6/15/2012 Putnam State Bank, Palatka, Fla. 6/15/2012 Waccamaw Bank, Whiteville, N.C. 6/8/2012 Farmers' and Traders' State Bank, Shabbona, Ill. 6/8/2012 Carolina Federal Savings Bank, Charleston, S.C. 6/8/2012 First Capital Bank, Kingfisher, Okla. 6/8/2012 Alabama Trust Bank, Sylacuaga, Ala. 5/18/2012 Security Bank, North Lauderdale, Fla. 5/4/2012 Palm Desert National Bank, Palm Desert, Calif. 4/27/2012 Plantation Federal Bank, Pawleys Island, S.C. 4/27/2012 Inter Savings Bank, Maple Grove, Minn. 4/27/2012 HarVest Bank of Maryland, Gaithersburg, Md. 4/27/2012 Bank of the Eastern Shore, Cambridge, Md. 4/27/2012 Fort Lee Federal Savings Bank, Fort Lee, N.J. 4/20/2012 Fidelity Bank, Dearborn, Mich. 3/30/2012 Covenant Bank & Trust, Rock Spring, Ga. 3/23/2012 Premier Bank, Wilmette, Ill. 3/23/2012 New City Bank, Chicago 3/9/2012 Global Commerce Bank, Doraville, Ga. 3/2/2012 Home Savings of America, Little Falls, Minn. 2/24/2012 Central Bank of Georgia, Ellaville, Ga. 2/24/2012 SCB Bank, Shelbyville, Ind 2/10/2012 Charter National Bank and Trust, Barrington, Ill. 2/10/2012 BankEast, Knoxville, Tenn. 1/27/2012 Patriot Bank Minnesota, Forest Lake, Minn. 1/27/2012 Tennessee Commerce Bank, Franklin, Tenn. 1/27/2012 First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, Fla. 1/27/2012 American Eagle Savings Bank, Boothwyn, Pa. 1/20/2012 The First State Bank, Stockbridge, Ga. 1/20/2012 Central Florida State Bank, Belleview 1/20/2012 Failed banks Date closed Western National Bank, Phoenix 12/16/2011 Premier Community Bank of the Emerald Coast, Crestview, Fla. 12/16/2011 Central Progressive Bank, Lacombe, La. 11/18/2011 Polk County Bank, Johnston, Iowa 11/18/2011 Community Bank of Rockmart, Rockmart, Ga. 11/10/2011 SunFirst Bank, St. George, Utah 11/4/2011 Mid City Bank Inc., Omaha, Neb. 11/4/2011 All American Bank, Des Plaines, Ill. 10/28/2011 Community Banks of Colorado, Greenwood Village 10/21/2011 Community Capital Bank, Jonesboro, Ga. 10/21/2011 Decatur First Bank, Decatur, Ga. 10/21/2011 Old Harbor Bank, Clearwater, Fla. 10/21/2011 Country Bank, Aledo, Ill. 10/14/2011 First State Bank, Cranford, N.J. 10/14/2011 Blue Ridge Savings Bank, Asheville, N.C. 10/14/2011 Piedmont Community Bank, Gray, Ga. 10/14/2011 Sun Security Bank, Ellington, Mo. 10/07/2011 The RiverBank, Wyoming, Minn. 10/07/2011 First International Bank, Plano, Texas 9/30/2011 Citizens Bank of Northern California, Nevada City 9/23/2011 Bank of the Commonwealth, Norfolk, Va. 9/23/2011 The First National Bank of Florida, Milton, Fla. 9/09/2011 CreekSide Bank, Woodstock, Ga. 9/02/2011 Patriot Bank of Georgia, Cumming, Ga. 9/02/2011 First Choice Bank, Geneva, Ill. 8/19/2011 First Southern National Bank, Statesboro, Ga. 8/19/2011 Lydian Private Bank, Palm Beach, Fl. 8/19/2011 Public Savings Bank, Huntingdon Valley, Pa. 8/18/2011 The First National Bank of Olathe, Olathe, Kan. 8/12/2011 Bank of Whitman, Colfax, Wash. 8/5/2011 Bank of Shorewood, Shorewood, Ill. 8/5/2011 Integra Bank, Evansville, Ind. 7/29/2011 BankMeridian, Columbia, S.C. 7/29/2011 Virginia Business Bank, Richmond, Va. 7/22/2011 Bank of Choice, Greeley, Colo. 7/22/2011 LandMark Bank of Florida, Sarasota, Fla. 7/22/2011 Southshore Community Bank, Apollo Beach, Fla. 7/22/2011 Summit Bank, Prescott, Ariz. 7/15/2011 First Peoples Bank, Port St. Lucie, Fla. 7/15/2011 High Trust Bank, Stockbridge, Ga. 7/15/2011 One Georgia Bank, Atlanta, Ga. 7/15/2011 Signature Bank, Windsor, Colo. 7/8/2011 Colorado Capital Bank, Castle Rock, Colo. 7/8/2011 First Chicago Bank & Trust, Chicago 7/8/2011 Mountain Heritage Bank, Clayton, Ga. 6/24/2011 First Commercial Bank of Tampa Bay, Tampa, Fla. 6/17/2011 McIntosh State Bank, Jackson, Ga. 6/17/2011 Atlantic Bank & Trust, Charleston, S.C. 6/3/2011 First Heritage Bank, Snohomish, Wash. 5/27/2011 Summit Bank, Burlington, Wash. 5/20/2011 First Georgia Banking Company, Franklin, Ga. 5/20/2011 Atlantic Southern Bank, Macon, Ga. 5/20/2011 Coastal Bank, Cocoa Beach, Fla. 5/6/2011 Community Central Bank, Mount Clemens, Mich. 4/29/2011 The Park Avenue Bank, Valdosta, Ga. 4/29/2011 First Choice Community Bank, Dallas, Ga. 4/29/2011 Cortez Community Bank, Brooksville, Fla. 4/29/2011 First National Bank of Central Florida, Winter Park, Fla. 4/29/2011 Heritage Banking Group, Carthage, Miss. 4/15/2011 Rosemount National Bank, Rosemount, Minn. 4/15/2011 Superior Bank, Birmingham, Ala. 4/15/2011 Nexity Bank, Birmingham, Ala. 4/15/2011 New Horizons Bank, East Ellijay, Ga. 4/15/2011 Bartow County Bank, Cartersville, Ga. 4/15/2011 Nevada Commerce Bank, Las Vegas 4/8/2011 Western Springs National Bank & Trust, Western Springs, Ill. 4/8/2011 The Bank of Commerce, Wood Dale, Ill. 3/25/2011 Legacy Bank, Milwaukee, Wis. 3/11/2011 First National Bank of Davis, Davis, Okla. 3/11/2011 Valley Community Bank, St. Charles, Ill. 2/25/2011 San Luis Trust Bank, San Luis Obispo, Calif. 2/18/2011 Charter Oaks Bank, Napa, Calif. 2/18/2011 Citizens Bank of Effingham, Springfield, Ga. 2/18/2011 Habersham Bank, Clarksville, Ga. 2/18/2011 Canyon National Bank, Palm Springs, Calif. 2/11/2011 Badger State Bank, Cassville, Wis. 2/11/2011 Peoples State Bank, Hamtramck, Mich. 2/11/2011 Sunshine State Community Bank, Port Orange, Fla. 2/11/2011 Community First Bank Chicago 2/4/2011 North Georgia Bank, Watkinsville, Ga. 2/4/2011 American Trust Bank, Roswell, Ga. 2/4/2011 First Community Bank, Taos, N.M. 1/28/2011 FirsTier Bank, Louisville, Colo. 1/28/2011 Evergreen State Bank, Stoughton, Wis. 1/28/2011 The First State Bank, Camargo, Okla. 1/28/2011 United Western Bank, Denver 1/21/2011 The Bank of Asheville, Asheville, N.C. 1/21/2011 CommunitySouth Bank and Trust, Easley, S.C. 1/21/2011 Enterprise Banking Company, McDonough, Ga. 1/21/2011 Oglethorpe Bank, Brunswick, Ga. 1/14/2011 Legacy Bank, Scottsdale, Ariz. 1/7/2011 First Commercial Bank of Florida, Orlando 1/7/2011 Failed banks Date closed Community National Bank, Lino Lakes, Minn. 12/17/2010 First Southern Bank, Batesville, Ark. 12/17/2010 United Americas Bank, Atlanta 12/17/2010 Appalachian Community Bank, McCaysville, Ga. 12/17/2010 Chestatee State Bank, Dawsonville, Ga. 12/17/2010 The Bank of Miami, Coral Gables, Fla. 12/17/2010 Earthstar Bank, Southampton, Pa. 12/10/2010 Paramount Bank, Farmington Hills, Mich. 12/10/2010 First Banking Center, Burlington, Wis. 11/19/2010 Allegiance Bank of North America, Bala Cynwyd, Pa. 11/19/2010 Gulf State Community Bank, Carrabelle, Fla. 11/19/2010 Copper Star Bank, Scottsdale, Ariz. 11/12/2010 Darby Bank & Trust Co., Vidalia, Ga. 11/12/2010 Tifton Banking Company, Tifton, Ga. 11/12/2010 First Vietnamese American Bank, Westminster, Calif. 11/5/2010 Pierce Commercial Bank, Tacoma, Wash. 11/5/2010 Western Commercial Bank, Woodland Hills, Calif. 11/5/2010 K Bank, Randallstown, Md. 11/5/2010 First Arizona Savings, Scottsdale, Ariz. 10/22/2010 Hillcrest Bank, Overland Park, Kan. 10/22/2010 First Suburban National Bank, Maywood, Ill. 10/22/2010 The First National Bank of Barnesville, Barnesville, Ga. 10/22/2010 The Gordon Bank, Gordon, Ga. 10/22/2010 Progress Bank of Florida, Tampa 10/22/2010 First Bank of Jacksonville, Jacksonville, Fla. 10/22/2010 Premier Bank, Jefferson City, Mo. 10/15/2010 WestBridge Bank & Trust Co., Chesterfield, Mo. 10/15/2010 Security Savings Bank, Olathe, Kan. 10/15/2010 Shoreline Bank, Shoreline, Wash. 10/1/2010 Wakulla Bank, Crawfordville, Fla. 10/1/2010 North County Bank, Arlington, Wash. 9/24/2010 Haven Trust Bank Florida, Ponte Verde Beach, Fla. 9/24/2010 Maritime Savings Bank, West Allis, Wis. 9/17/2010 Bramble Savings Bank, Milford, Ohio 9/17/2010 The Peoples Bank, Winder, Ga. 9/17/2010 First Commerce Community Bank, Douglasville, Ga. 9/17/2010 Bank of Ellijay, Ellijay, Ga. 9/17/2010 ISN Bank, Cherry Hill, N.J. 9/17/2010 Horizon Bank, Bradenton, Fla. 9/10/2010 Sonoma Valley Bank, Sonoma, Calif. 8/20/2010 Los Padres Bank, Solvang, Calif. 8/20/2010 Butte Community Bank, Chico, Calif. 8/20/2010 Pacific State Bank, Stockton, Calif. 8/20/2010 ShoreBank, Chicago 8/20/2010 Imperial Savings and Loan Association, Martinsville, Va. 8/20/2010 Independent National Bank, Ocala, Fla. 8/20/2010 Community National Bank at Bartow, Bartow, Fla. 8/20/2010 Palos Bank and Trust Company, Palos Heights, Ill. 8/13/2010 Ravenswood Bank, Chicago 8/6/2010 LibertyBank, Eugene, Ore. 7/30/2010 The Cowlitz Bank, Longview, Wash. 7/30/2010 Coastal Community Bank, Panama City Beach, Fla. 7/30/2010 Bayside Savings Bank, Port St. Joe, Fla. 7/30/2010 NorthWest Bank and Trust, Acworth, Ga. 7/30/2010 Home Valley Bank, Cave Junction, Ore. 7/23/2010 SouthwestUSA Bank, Las Vegas 7/23/2010 Community Security Bank, New Prague, Minn. 7/23/2010 Thunder Bank, Sylvan Grove, Kan. 7/23/2010 Williamsburg First National Bank, Kingstree, S.C. 7/23/2010 Crescent Bank and Trust Company, Jasper, Ga. 7/23/2010 Sterling Bank, Lantana, Fla. 7/23/2010 Mainstreet Savings Bank, Hastings, Mich. 7/16/2010 Olde Cypress Community Bank, Clewiston, Fla. 7/16/2010 Turnberry Bank, Aventura, Fla. 7/16/2010 Metro Bank of Dade County, Miami 7/16/2010 First National Bank of the South, Spartanburg, S.C. 7/16/2010 Woodlands Bank, Bluffton, S.C. 7/16/2010 Home National Bank, Blackwell, Okla. 7/09/2010 USA Bank, Port Chester, N.Y. 7/09/2010 Ideal Federal Savings Bank, Baltimore, Md. 7/09/2010 Bay National Bank, Baltimore, Md. 7/09/2010 High Desert State Bank, Albuquerque, N.M. 6/25/2010 First National Bank, Savannah, Ga. 6/25/2010 Peninsula Bank, Englewood, Fla. 6/25/2010 Nevada Security Bank, Reno 6/18/2010 Washington First International Bank, Seattle 6/11/2010 TierOne Bank, Lincoln, Neb. 6/04/2010 Arcola Homestead Savings Bank, Arcola, Ill. 6/04/2010 First National Bank, Rosedale, Miss. 6/04/2010 Sun West Bank, Las Vegas 5/28/2010 Granite Community Bank Granite Bay, Calif. 5/28/2010 Bank of Florida – Tampa 5/28/2010 Bank of Florida – Southwest, Naples 5/28/2010 Bank of Florida – Southeast, Fort Lauderdale 5/28/2010 Pinehurst Bank, Saint Paul, Minn. 5/21/2010 Midwest Bank & Trust Co., Elmwood Park, Ill. 5/14/2010 Southwest Community Bank, Springfield, Mo. 5/14/2010 New Liberty Bank, Plymouth, Mich. 5/14/2010 Satilla Community Bank, Saint Marys, Ga. 5/14/2010 1st Pacific Bank of California, San Diego 5/07/2010 Towne Bank of Arizona, Mesa 5/07/2010 Access Bank, Champlin, Minn. 5/07/2010 The Bank of Bonifay, Bonifay, Fla. 5/07/2010 Frontier Bank, Everett, Wash. 4/30/2010 BC National Banks, Butler, Mo. 4/30/2010 Champion Bank, Creve Coeur, Mo. 4/30/2010 CF Bancorp, Port Huron, Mich. 4/30/2010 Westernbank Puerto Rico, Mayaguez 4/30/2010 R-G Premier Bank of Puerto Rico, Hato Rey 4/30/2010 Eurobank, San Juan, Puerto Rico 4/30/2010 Wheatland Bank, Naperville, Ill. 4/23/2010 Peotone Bank & Trust Co., Peotone, Ill. 4/23/2010 Lincoln Park Savings Bank, Chicago 4/23/2010 New Century Bank, Chicago 4/23/2010 Citizens Bank & Trust Co. of Chicago 4/23/2010 Broadway Bank, Chicago 4/23/2010 Amcore Bank, Rockford, Ill. 4/23/2010 City Bank, Lynnwood, Wash. 4/16/2010 Tamalpais Bank, San Rafael, Calif. 4/16/2010 Innovative Bank, Oakland, Calif. 4/16/2010 Butler Bank, Lowell, Mass. 4/16/2010 Riverside National Bank of Florida, Fort Pierce 4/16/2010 AmericanFirst Bank, Clermont, Fla. 4/16/2010 First Federal Bank of North Florida, Palatka 4/16/2010 Lakeside Community Bank, Sterling Heights, Mich. 4/16/2010 Beach First National Bank, Myrtle Beach, S.C. 4/09/2010 Desert Hills Bank, Phoenix 3/26/2010 Unity National Bank, Cartersville, Ga. 3/26/2010 Key West Bank, Key West, Fla. 3/26/2010 McIntosh Commercial Bank, Carrollton, Ga. 3/26/2010 State Bank of Aurora, Aurora, Minn. 3/19/2010 First Lowndes Bank, Fort Deposit, Ala. 3/19/2010 Bank of Hiawassee, Hiawassee, Ga. 3/19/2010 Appalachian Community Bank, Ellijay, Ga. 3/19/2010 Advanta Bank Corp, Draper, Utah 3/19/2010 Century Security Bank, Duluth, Minn. 3/19/2010 American National Bank, Parma, Ohio 3/19/2010 Statewide Bank, Covington, La. 3/12/2010 Old Southern Bank, Orlando, Fla. 3/12/2010 The Park Avenue Bank, New York 3/12/2010 LibertyPointe Bank, New York 3/11/2010 Centennial Bank, Ogden, Utah 3/5/2010 Waterfield Bank, Germantown, Md. 3/5/2010 Bank of Illinois, Normal 3/5/2010 Sun American Bank, Boca Raton, Fla. 3/5/2010 Rainier Pacific Bank, Tacoma, Wash. 2/26/2010 Carson River Community Bank, Carson City, Nev. 2/26/2010 La Jolla Bank, La Jolla, Calif. 2/19/2010 George Washington Savings Bank, Orland Park, Ill. 2/19/2010 The La Coste National Bank, La Coste, Texas 2/19/2010 Marco Community Bank, Marco Island, Fla. 2/19/2010 First American State Bank of Minnesota, Hancock 2/05/2010 American Marine Bank, Bainbridge Island, Wash. 1/29/2010 First Regional Bank, Los Angeles 1/29/2010 Community Bank & Trust, Cornelia, Ga. 1/29/2010 Marshall Bank, Hallock, Minn. 1/29/2010 Florida Community Bank, Immokalee, Florida 1/29/2010 First National Bank of Georgia, Carrollton 1/29/2010 Columbia River Bank, The Dalles, Ore. 1/22/2010 Evergreen Bank, Seattle 1/22/2010 Charter Bank, Santa Fe, N.M. 1/22/2010 Bank of Leeton, Leeton, Mo. 1/22/2010 Premier American Bank, Miami, Fla. 1/22/2010 Barnes Banking Company, Kaysville, Utah 1/15/2010 St. Stephen State Bank, St. Stephen, Minn. 1/15/2010 Town Community Bank & Trust, Antioch, Ill. 1/15/2010 Horizon Bank, Bellingham, Wash. 1/08/2010 Failed banks Date closed First Federal Bank of California, Santa Monica 12/18/2009 Imperial Capital Bank, La Jolla, Calif. 12/18/2009 Independent Bankers' Bank, Springfield, Ill. 12/18/2009 New South Federal Savings Bank, Irondale, Ala. 12/18/2009 Citizens State Bank, New Baltimore, Mich. 12/18/2009 Peoples First Community Bank, Panama City, Fla. 12/18/2009 RockBridge Commercial Bank, Atlanta 12/18/2009 SolutionsBank, Overland Park, Kan. 12/11/2009 Valley Capital Bank, Mesa, Az. 12/11/2009 Republic Federal Bank, Miami 12/11/2009 Greater Atlantic Bank, Reston, Va. 12/04/2009 Benchmark Bank, Aurora, Ill. 12/04/2009 AmTrust Bank, Cleveland 12/04/2009 The Tattnall Bank, Reidsville, Ga. 12/04/2009 First Security National Bank, Norcross, Ga. 12/04/2009 The Buckhead Community Bank, Atlanta 12/04/2009 Commerce Bank of Southwest Florida, Fort Myers, Fla. 11/20/2009 Pacific Coast National Bank, San Clemente, Calif. 11/13/2009 Orion Bank, Naples, Fla. 11/13/2009 Century Bank, a Federal Savings Bank, Sarasota, Fla. 11/13/2009 United Commercial Bank, San Francisco 11/6/2009 Gateway Bank of St. Louis 11/6/2009 Prosperan Bank, Oakdale, Minn. 11/6/2009 Home Federal Savings Bank, Detroit 11/6/2009 United Security Bank, Sparta, Ga. 11/6/2009 North Houston Bank, Houston 10/30/2009 Madisonville State Bank, Madisonville, Texas 10/30/2009 Citizens National Bank, Teague, Texas 10/30/2009 Park National Bank, Chicago 10/30/2009 Pacific National Bank, San Francisco 10/30/2009 California National Bank, Los Angeles 10/30/2009 San Diego National Bank, San Diego 10/30/2009 Community Bank of Lemont, Lemont, Ill. 10/30/2009 Bank USA, Phoenix 10/30/2009 First DuPage Bank, Westmont, Ill. 10/23/2009 Riverview Community Bank, Otsego, Minn. 10/23/2009 Bank of Elmwood, Racine, Wis. 10/23/2009 Flagship National Bank, Bradenton, Fla. 10/23/2009 Hillcrest Bank Florida, Naples 10/23/2009 American United Bank, Lawrenceville, Ga. 10/23/2009 Partners Bank, Naples, Fla. 10/23/2009 San Joaquin Bank, Bakersfield, Calif. 10/16/2009 Southern Colorado National Bank, Pueblo, Colo. 10/2/2009 Jennings State Bank, Spring Grove, Minn. 10/2/2009 Warren Bank, Warren, Mich. 10/2/2009 Georgian Bank, Atlanta 9/25/2009 Irwin Union Bank, Louisville, Ky. 9/18/2009 Irwin Union Bank & Trust Co., Columbus, Ind. 9/18/2009 Venture Bank, Lacey, Wash. 9/11/2009 Brickwell Community Bank, Woodbury, Minn. 9/11/2009 Corus Bank, Chicago 9/11/2009 First State Bank, Flagstaff, Ariz. 9/4/2009 Platinum Community Bank, Rolling Meadows, Ill. 9/4/2009 Vantus Bank, Sioux City, Iowa 9/4/2009 InBank, Oak Forest, Ill. 9/4/2009 First Bank of Kansas City, Kansas City, Mo. 9/4/2009 Affinity Bank, Ventura, Calif. 8/28/2009 Mainstreet Bank, Forest Lake, Minn. 8/28/2009 Bradford Bank, Baltimore 8/28/2009 Guaranty Bank, Austin, Texas 8/21/2009 CapitalSouth Bank, Birmingham, Ala. 8/21/2009 First Coweta Bank, Newman, Ga. 8/21/2009 EBank, Atlanta 8/21/2009 Community Bank of Nevada, Las Vegas 8/14/2009 Community Bank of Arizona, Phoenix 8/14/2009 Union Bank, Gilbert, Ariz. 8/14/2009 Colonial Bank, Montgomery, Ala. 8/14/2009 Dwelling House Savings and Loan Association, Pittsburgh 8/14/2009 Community First Bank, Prineville, Ore. 8/7/2009 Community National Bank of Sarasota County, Venice, Fla. 8/7/2009 First State Bank, Sarasota, Fla. 8/7/2009 Mutual Bank, Harvey, Ill. 7/31/2009 First BankAmericano, Elizabeth, N.J. 7/31/2009 Peoples Community Bank, West Chester, Ohio 7/31/2009 Integrity Bank, Jupiter, Fla. 7/31/2009 First State Bank of Altus, Altus, Okla. 7/31/2009 Security Bank of Jones County, Gray, Ga. 7/24/2009 Security Bank of Houston County, Perry, Ga. 7/24/2009 Security Bank of Bibb County, Macon, Ga. 7/24/2009 Security Bank of North Metro, Woodstock, Ga. 7/24/2009 Security Bank of North Fulton, Alpharetta, Ga. 7/24/2009 Security Bank of Gwinnett County, Suwanee, Ga. 7/24/2009 Waterford Village Bank, Williamsville, N.Y. 7/24/2009 Temecula Valley Bank, Temecula, Calif. 7/17/2009 Vineyard Bank, Rancho Cucamonga, Calif. 7/17/2009 BankFirst, Sioux Falls, S.D. 7/17/2009 First Piedmont Bank, Winder, Ga. 7/17/2009 Bank of Wyoming, Thermopolis, Wyo. 7/10/2009 Founders Bank, Worth, Ill. 7/2/2009 Millennium State Bank of Texas, Dallas 7/2/2009 The First National Bank of Danville, Danville, Ill. 7/2/2009 The Elizabeth State Bank, Elizabeth, Ill. 7/2/2009 Rock River Bank, Oregon, Ill. 7/2/2009 The First State Bank of Winchester, Winchester, Ill. 7/2/2009 The John Warner Bank, Clinton, Ill. 7/2/2009 Mirae Bank, Los Angeles 6/26/2009 MetroPacific Bank, Irvine, Calif. 6/26/2009 Horizon Bank, Pine City, Minn. 6/26/2009 Neighborhood Community Bank, Newnan, Ga. 6/26/2009 Community Bank of West Georgia, Villa Rica, Ga. 6/26/2009 First National Bank of Anthony, Anthony, Kan. 6/19/2009 Cooperative Bank, Wilmington, N.C. 6/19/2009 Southern Community Bank, Fayetteville, Ga. 6/19/2009 Bank of Lincolnwood, Lincolnwood, Ill. 6/5/2009 Citizens National Bank, Macomb, Ill. 5/22/2009 Strategic Capital Bank, Champaign, Ill. 5/22/2009 BankUnited, Coral Gables, Fla. 5/21/2009 Westsound Bank, Bremerton, Wash. 5/8/2009 America West Bank, Layton, Utah 5/1/2009 Citizens Community Bank, Ridgewood, N.J. 5/1/2009 Silverton Bank, Atlanta, Ga. 5/1/2009 First Bank of Idaho, Ketchum 4/24/2009 First Bank of Beverly Hills, Calabasas, Calif. 4/24/2009 Michigan Heritage Bank, Farmington Hills, Mich. 4/24/2009 American Southern Bank, Kennesaw, Ga. 4/24/2009 Great Basin Bank of Nevada, Elko, Nev. 4/17/2009 American Sterling Bank, Sugar Creek, Mo. 4/17/2009 New Frontier Bank, Greeley, Colo. 4/10/2009 Cape Fear Bank, Wilmington, N.C. 4/10/2009 Omni National Bank, Atlanta 3/27/2009 Teambank, Paola, Kan. 3/20/2009 Colorado National Bank, Colorado Springs, Colo. 3/20/2009 FirstCity Bank, Stockbridge, Ga. 3/20/2009 Freedom Bank of Georgia, Commerce, Ga. 3/6/2009 Security Savings Bank, Henderson, Nev. 2/27/2009 Heritage Community Bank, Glenwood, Ill. 2/27/2009 Silver Falls Bank, Silverton, Ore. 2/20/2009 Pinnacle Bank, Beaverton, Ore. 2/13/2009 Corn Belt Bank & Trust Co., Pittsfield, Ill. 2/13/2009 Riverside Bank of the Gulf Coast, Cape Coral, Fla. 2/13/2009 Sherman County Bank, Loup City, Neb. 2/13/2009 County Bank, Merced, Calif. 2/6/2009 Alliance Bank, Culver City, Calif. 2/6/2009 FirstBank Financial Services, McDonough, Ga. 2/6/2009 Ocala National Bank, Ocala, Fla. 1/30/2009 Suburban Federal Savings Bank, Crofton, Md. 1/30/2009 MagnetBank, Salt Lake City, Utah 1/30/2009 1st Centennial Bank, Redlands, Calif. 1/23/2009 Bank of Clark County, Vancouver, Wash. 1/16/2009 National Bank of Commerce, Berkeley, Ill. 1/16/2009 5 ways to ensure your money is safe and protected 7 best ways to insure excess deposits FAQ about bank safety and deposit insurance Error in retrieving data Sign in to access your portfolio Error in retrieving data 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Yahoo
07-07-2025
- Business
- Yahoo
FDIC insurance: What it is and how it works
The FDIC is an independent agency of the U.S. government that protects bank customers from losing their money in a bank should it fail. Deposits are insured for up to $250,000 per depositor, per FDIC-insured bank, per ownership category. FDIC insurance covers traditional bank deposit products from insured banks, such as checking and savings accounts, but doesn't cover investments or payment providers such as PayPal. In the event of a bank failure, the FDIC will either transfer funds to another insured bank or issue a check. It's recommended to stay within the insurance limits for easy access to your insured funds. The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category when an insured bank fails. This guarantees consumers that their money is safe if an FDIC-member bank fails, as long as their balances are within the limits and guidelines. Here's what you need to know about how your money is backed by the government through the FDIC and the limits of such insurance. The FDIC is the agency that insures deposits at member banks in case of a bank failure. FDIC insurance is backed by the full faith and credit of the U.S. government. The thought of your bank failing could be alarming, but if your bank is insured by the Federal Deposit Insurance Corp. (FDIC), your money in that bank is protected by the federal government — up to a limit. It's a good idea to review the deposit insurance for your bank accounts now to be sure you're covered. FDIC insurance covers traditional bank deposit products, including checking accounts, savings accounts, certificates of deposit (CDs) and money market accounts. The FDIC classifies deposit accounts into several ownership categories. These include: Single accounts Joint accounts Corporate accounts Retirement accounts If an account holder has more than $250,000 in accounts that fall under a single ownership category at one bank, anything over that amount isn't insured. An individual account is insured separately from a joint account, since they're distinct ownership categories. Joint accounts are insured for $250,000 per co-owner, so a $500,000 CD owned by two joint account holders would be fully insured because each account holder is insured for up to $250,000. Likewise, accounts owned by corporations or partnerships are also considered a distinct ownership category. That means that businesses with more than $250,000 in their bank account won't get the excess amount insured, unless they split the funds between different banks, since each bank gets its own insurance limits. If, for example, Sarah has $250,000 in a joint savings account and $200,000 in a checking account as a single owner, her money is fully insured. Even though the total deposits exceed $250,000, the money is split between different ownership categories, so each account is insured separately. On the other hand, if Cameron has $200,000 in a high-yield savings account and $125,000 in a CD at the same bank in his name alone, $75,000 of his deposits won't be insured. To make sure his money is entirely federally insured, he could open an account at a separate FDIC-insured bank or transfer some of the money into a jointly owned account. Keep in mind there are legal and tax implications of a joint bank account, so understand how a joint bank account works. FDIC insurance also protects interest earnings, as long as the principal and interest combined don't exceed the $250,000 cap. Now, if you have $248,000 in a CD account that has earned $2,000 in interest, the full amount is covered because your account doesn't exceed the insurance limit. The FDIC doesn't insure investments. Here are some items that aren't bank deposits and aren't covered by FDIC insurance, even if they're in an account with a bank's name on it or if you bought one at a bank: Stocks Bonds Mutual funds Annuities Life insurance policies The FDIC also doesn't cover the contents of your safe-deposit box either. Payment providers, such as PayPal and Venmo, also don't qualify for FDIC insurance because they aren't banks. If you're not sure whether all your deposits are FDIC-insured, talk to a bank representative or use the FDIC's Electronic Deposit Insurance Estimator (EDIE) and enter information about your accounts. If you have less than $250,000 at a federally insured bank, all of your money is protected. Once you exceed that amount, you can safeguard your money and maximize insurance protection with a little strategic organization. Use multiple banks. Spreading your money between different FDIC-insured banks is one way to keep your cash protected. If, for example, you had $300,000, you could keep $200,000 at Bank of America and $100,000 at Chase (both banks are members of FDIC). Consider a trust. A trust is a legal vehicle that enables a third party — a trustee — to hold and direct assets in a trust fund on behalf of a beneficiary. The advantage of a trust is that it expands your options when managing your assets. Trusts also afford more protection because as many as five beneficiaries are insurable for up to $250,000 each. Keep your cash in different account categories. Joint account ownership offers more protection if your federally insured bank fails than single-account ownership because each account owner is insured for up to $250,000. So, if a couple had $500,000 in a joint savings account, their money would be insured by the FDIC — if they didn't have any other money in a joint account at that bank. A savings account of a single owner with $500,000 would only be insured for half that amount. The table below shows how different account ownership categories can affect your deposit insurance coverage. DIFFERENT TYPES OF ACCOUNT OWNERSHIP INSURED UNINSURED Account holder A (single ownership)Savings: $50,000CD: $250,000 $250,000 $50,000 Account holders A and B (joint ownership)Savings: $150,000CD: $325,000 $500,000 $0 Account holder C (Trust with up to 5 beneficiaries insured for up to $250,000 each)Beneficiary 1: $250,000Beneficiary 2: $250,000Beneficiary 3: $250,000Beneficiary 4: $250,000Beneficiary 5: $250,000 $1.25 million $0 Depositors don't need to file insurance claims to recoup their deposits. Nor do they need to apply for deposit insurance when they open up a bank account at an FDIC-insured institution. When a bank fails, the FDIC pays depositors by giving them an account at another insured bank in the amount equal to what they had at the failed bank, up to the insurance limits. If there's no bank to acquire the deposits, the FDIC simply issues the depositor a check usually within a few days. The former is usually what happens when a bank fails. Note that while the FDIC guarantees depositors won't lose any money up to the covered amount, there's no guarantee that if the funds move to a new bank they will earn the same interest rate. However, depositors can always withdraw the funds after a new bank acquires them with no penalty. It can take a few years to recover deposits that exceed the insurance limit. As the FDIC sells off a failed bank's assets, it typically issues periodic payments to depositors. Funds that exceed insurance limits are repaid on a cents-on-the-dollar basis. Silicon Valley Bank, for example, didn't have insurance coverage for more than 94 percent of its total deposits as of the end of 2022, according to the Federal Reserve. The FDIC announced it would pay back uninsured deposits in receivership certificates and dividend payments as it sells the closed bank's assets. Still, it's best to make sure your deposits don't exceed the FDIC limits, so you can readily access your insured funds as soon as the failed bank is acquired by another bank or the FDIC pays off closed accounts. Did you know? Some of the largest bank failures in U.S. history have happened in the past few years. It's common normal for there to be at least one bank failure in a year. This is why it's always smart to keep your money at an FDIC bank and within the deposit insurance guidelines. Why was the FDIC created? The FDIC was created in 1933 to protect consumers when financial institutions fail and are forced to close their doors. During the Great Depression, insurance for banks was not available. So when banks failed, Americans lost their savings. Now when banks fail, the FDIC steps in to protect depositors and their money. 'Bank failures are unusual,' says Mark Hamrick, Bankrate's senior economic analyst and Washington bureau chief. 'But when they happen, affecting covered institutions, FDIC coverage is important.' Having that insurance is a crucial backstop to financial uncertainty. Consumers can ensure that all of their deposits within the insurance guidelines are guaranteed by the government, and they don't have to worry about withdrawing their money from the bank. If your bank fails, the FDIC will pay out the insured amount by either setting up a new account at another bank or issuing you a check within a few days – often the next business day — so you should have access to your money pretty quickly. Generally, you can continue to bank as if a failure didn't happen immediately after a bank failure is announced. Which institutions are covered by FDIC insurance? Most banks, including online-only banks, offer deposit customers FDIC insurance. An online bank that's FDIC-insured has the same FDIC coverage as a brick-and-mortar bank. If you open an account with an FDIC-insured bank, you are automatically enrolled in the federal insurance. It's rare for a bank not to have FDIC insurance, but there are exceptions. Bank of North Dakota, for example, is not FDIC-insured. Instead, it is backed by the full faith and credit of the State of North Dakota. Credit unions are regulated differently from banks and have their own federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF). The fund was created by Congress in 1970 to insure deposits in member credit unions. It's administered by the National Credit Union Administration (NCUA), which charters, regulates and monitors federal credit unions. The insurance is similar to what the FDIC provides, with a $250,000 cap for each account and owner. Do I need deposit insurance? You don't need to purchase deposit insurance because it's automatic and free for any eligible account opened at an FDIC-insured bank. Even if you have more than the standard $250,000 coverage limit, you can strategically get more coverage by opening an additional account with a different FDIC-insured bank for the excess. You could also keep your cash within the same bank but in multiple accounts with different ownership categories. In the event of a bank failure, FDIC insurance provides crucial protection for consumers' deposits. With up to $250,000 in coverage per depositor, per FDIC-insured bank, per ownership category, it's important for individuals and businesses to understand the limits and guidelines of this insurance. While most banks, including online-only banks, offer FDIC insurance, it's still important to confirm this coverage and make sure all deposits fall within the insured limits. By spreading deposits across different ownership categories, individuals can maximize their insurance protection. It's always best to stay within the insurance limits to ensure quick and easy access to insured funds. 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
Bloomberg
03-07-2025
- Business
- Bloomberg
Merz Signals Germany Won't Compromise on Bank Deposit Protection
Chancellor Friedrich Merz signaled he won't give up Germany's opposition to joint European Union deposit insurance, a scheme large banks view as key to forging closer financial ties in the bloc. 'Let me make this very clear: we've discussed deposit guarantee systems in Europe long enough,' Merz said Thursday in a speech at a banking forum in Berlin. 'And there's absolutely no reason to pool functioning liability systems at the member-state level within the EU.'
