This weekend, Credit Suisse became the first “global systemically important” bank to be rescued since 2008. How common are bank failures, and should we be worried?
We analyzed the FDIC bank failure data and found 563 failures from 2001 through 2023. Georgia had 93 bank failures in that period, followed by Florida at 76 and Illinois at 69.
On Sept 2022, the Federal Reserve Bank of Kansas City highlighted the unrealized loss positions in community banks due to the rising interest rate environment.
The FDIC insurance covers up to $250,000 per person, per bank and account type. This allows you to allocate your financial resources across various accounts without exceeding the insured limit.