Earlier than Silicon Valley Financial institution collapsed in March, it had been 28 months since a U.S. financial institution went up in smoke — the longest stretch and not using a failure in additional than 15 years.
SVB’s surprising demise kicked off
San Francisco-based First Republic Financial institution goes down because the second-largest failure in U.S. historical past. Santa Clara, California-based Silicon Valley Financial institution follows at quantity three on the all-time listing and New York Metropolis-based Signature Financial institution is the fourth-largest financial institution to fail.
The yr additionally introduced the demise of crypto-friendly Silvergate Financial institution — in what was a voluntary self-liquidation somewhat than a failure — and the failure of Heartland Tri-State Financial institution after its CEO
The failures come at a substantial price to greater than 100 surviving banks which have greater than $5 billion of property. These bigger banks
What follows is a recap of the yr when financial institution failures roared again to chew the business.