I cover a lot of things about banking and finance, but none as important as this post today. To say that your retirement is at risk is an understatement. As the economy crumbles and banks fall to their death, so does your retirement fund. This is why I’ve decided to share a bunch of research that I’ve done on the FDIC Banks that have failed miserably over the years. I share things that you probably haven’t thought of and that doesn’t make any of it less important. If you’re interested in learning the facts about the failed banks over the years, then keep reading because I cover it all!
10 Most Important Facts About The Bank Failures Over The Years
Important Note: The data that I’m about to share with you goes all the way back to October 13, 2000, and ends here with the latest failure of Signature Bank on March 12, 2023. So, twenty-three years of data related to failed banks. Let’s dig in here…
565 Banks Have Failed From 2000 – 2023
Can you believe that! 565 banks have failed all the way back to the year 2000. Now, it’s easy to imagine this happening in other countries, but the United States is one of the wealthiest and spoken of as being one of the most stable countries in the world, yet we have 500+ banks falling to the ground in the last 20 years. Let that sink in here!
93 Banks Were Located In Georgia (16.5%)
If you’re living in Georgia and banking there. This number should be eye-opening and something that scares the living you know what out of you. For me, this is a massive red flag that such a high percentage of failures have happened in one state over the years.
Florida Had 76 Bank Failures (13.5%) In The Last 23 Years
Now, let’s not forget lucky state number 2. Florida, which is obviously a state heavily populated with retirees, could be at risk. If you’re storing money in the state of Florida, be worried. Florida is a big retirement state, holding hundreds of millions of dollars for individuals who have retired.
31 Banks Had No Acquiring Institutions
Now, here’s another fact that you may or may not care about, there were 31 banks that were not attached to any acquiring bank.
Whether this is good or bad, I cannot comment on that, but it’s a fact that I feel is worth sharing. This means that that bank largely operates as an independent, small bank and it’s not attached to any larger acquirer.
State Bank and Trust Company Had 12 Failures
The bank with the largest number of failures is none other than State Bank and Trust Company, coming in with a grand total of 12 failures since 2000. That’s nothing to be proud of for sure!
First-Citizens Bank & Trust Company Had 11 Failures
Following that is the First-Citizens Bank & Trust Company with a total of 11 failures over the years. If your money is sitting with the North Carolina-based company, then I would consider other options after looking at this list.
There Are 299 Acquiring Banks That Are Connected To Failures
All this number means is that hundreds of acquiring banks have had their fair share of failures attached to them over the last 23 years. Probably not a good thing, but I cannot comment much further on that other than what’s been said.
Chicago Has The Most Bank Failures
Do you live in Chicago? If so, then you’re probably most at risk when it comes to losing your money. Chicago has had more bank failures since the year 2000 than any other state. How many failures? They’ve had 20 banks fail over the last 23 years.
Followed By Atlanta (10) and Phoenix (6)
Yes, you read that right. Atlanta, Georgia, and Phoenix, Arizona are the two cities with the second and third most failed banks since 2000. So, if you’re living in either of those cities, my suggestion is to be careful with your money and retirement funds.
68% Of The Banks Failed Between 2009 – 2011
It’s easy to see just how negatively impactful the 2008 financial crisis was on the banking industry. 68% is obviously a large percentage of failures and it’s very evident that the economy and financial crisis had a lot to do with it.
Those are all the important facts that I know about bank failures in the United States over the last twenty years. If you’re looking for more information, then my suggestion is to check out the FDIC official website. You’ll find all the data that I’ve mentioned there as well.
Now, if you’re looking for safer alternatives to having cash sitting in a bank today and you wish to protect your retirement funds, then consider a precious metals IRA. But before doing so, my suggestion is to check out my review of Goldco, the #1 gold IRA company in the United States today. If you’re ready, then start educating yourself with a free investor kit.