List of Failed Banks 2009 – 2023

Part of covering retirement investing often leads me down rabbit holes as it comes to studying the economy, and the way I see it, the list of failed banks I’m about to show you is only going to become larger as time passes.

The fourth Federal Deposit Insurance Corp. (FDIC) bank to fail this year was Heartland Tri-State.  Located in Elkhart, Kansas, it was preceded by the Signature Bank and Silicon Valley Bank closures in March, and the First Republic Bank failure on May 1.

U.S. Bank Failures

bank failures list in the usa

According to the FDIC, a bank fails once it becomes insolvent, which is the definition of not having funds to cover customer deposits coupled with the money owed to other parties.

It’s not out of the norm for a bank to fail, but we did see some years where zero banks closed.  Those years were 2022, 2021, 2006, and 2005.

Prior to March of 2023, only a handful of banks, three to be exact, went under since the coronavirus pandemic began.  The three banks all faced financial problems well before the pandemic, per the FDIC.

My 2024 Banking Outlook

I’m going to stand on soap box here and share with you a bold prediction:

Many banks will fail in 2024 and beyond.

I’m confident of this because I study the economy every day.  I read and consume a massive amount of material as this is my livelihood.  You can follow my takes on video on YouTube if you wish and get your reports in real time.

With this prediction I made in mind, here’s my take on how you should be handling your money ahead of what will be very turbulent times.

#1:  Have Your Money at an FDIC Bank.

If you don’t, you are taking a massive risk.

#2:  Make Sure You are Within the FDIC Insurance Limits and Guidelines

Not a single depositor has lost a dime of their FDIC insurance funds dating back to 1933.  When a bank fails, the FDIC goes in and figures out how much that bank failure will cost the Deposit Insurance Fund.

#3:  Diversify Into Precious Metals. 

I’m buying physical gold and adding it to my IRA investments.  You can do this very easily and the direct transfer or rollover are both ways you can add some of your retirement savings to precious metals.

Read more about the top gold IRA companies in the space, or full full transparency, I used the company below as I talked about earlier in 2023.

bank failure banner

Gold and Silver made many rich as others filed for bankruptcy back in 2008.  This is when prepared individuals shifted some of their holdings to gold and silver and made two, or even three times their original investment while people like myself lost upwards of 70% of their portfolio in equities.  Shortly after seeing that trend, I made it my life mission to educate people about the tools we have around us – including a Self Directed IRA which allows anyone to invest in precious metals with their most important asset – their retirement savings.

If you are nearing retirement or sitting on a large retirement portfolio, it’s time to think about protecting even 5% of it by investing in precious metals.

Now, with that rant out of the way, let’s get back to why I invest in precious metals – the instability of the banking system.

Bank Failures Since 2009

Here is a list of banks that have failed since 2009.

bank failures since 2009

2023 Failed Banks List

Here’s a recap of the banks that failed in 2023.

2023 failed banks list

I’m not going to go on a tangent and go further back in time to provide a list of every failed bank, as you get the picture by now.  We are NOT in a good place.  We are entering very turbulent times ahead and I feel we’ll see 5-10 banks fail in 2024.  To that note, I’m going to do something I’ve never done – open up the comments to blog readers and let you weigh in your thoughts on bank failures and make your own predictions.

How Many Banks Will Fail in 2024?

Leave a comment below – I’d love to hear your thoughts.

And remember to get a free wealth protection kit from Goldco.  I personally invested 17% of what I was holding at the time in my IRA into an equal mix of gold and silver.  Please speak with a financial planner and inform yourself of market conditions and all risks, of course.  To me, the biggest risk is holding a paper currency thats clearly not worth what it used to be.

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Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.