| |
Money Facts Archive
Get the real facts that will shape your future by having them delivered to your Inbox!
|
|
A list of all the U.S. banks that have failed since October 1, 2000 is at the following website:
http://www.fdic.gov/bank/individual/failed/banklist.html
In the FDIC's own words:
"The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks."
I went through the list and found a total 125 failures (from October 1, 2000 to August 11, 2009) and broke them down by year:
2009 - 72
2008 - 26
2007 - 3
2006 - 0
2005 - 0
2004 - 4
2003 - 3
2002 - 11
2001 - 4
2000 - 2
----------------
Total 125
The largest bank failure ever was Washington Mutual (WaMu). Washington Mutual failed in 2008 and reportedly had over $300 billion in assets at the time of their failure. As stated at Wikipedia (the bracketed numbers refer to notes following the information at Wikipedia):
"On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.4 billion in deposits, during a 10-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).[7] The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which reopened the bank's offices the next day as JPMorgan Chase branches. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.[3][4][8][9] The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.[4][8]"
I don't suspect that JP Morgan Chase lost any money on this deal.
- Ed Smith