Immerse yourself in the Largest US Bank Failures of all Time in a new short video.
Since the 1970s, over ninety U.S. banks with US$1 billion or more in assets have failed.
The stats is based on assets at the time of failure of banks insured by the Federal Deposit Insurance Corporation.

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The banking industry has seen its fair share of failures throughout history, some of which have had a significant impact on the economy. In the United States, there have been a few notable instances where the failure of a major bank has sent shockwaves across the financial landscape. Let us take a closer look at some of the largest US bank failures of all time.

1. Lehman Brothers – 2008:
Arguably the most prominent bank failure in the country’s history, the Lehman Brothers collapse had severe repercussions for the global financial markets. Lehman Brothers, a major investment bank, filed for bankruptcy on September 15, 2008, with $639 billion in assets and $619 billion in debt. The collapse triggered a chain reaction, plunging the US into a deep recession and leading to worldwide financial instability.

2. Washington Mutual – 2008:
In the midst of the financial crisis, Washington Mutual, often referred to as “WaMu,” became the largest bank failure in American history. With $307 billion in assets, WaMu was unable to withstand the bursting of the housing bubble and the subsequent mortgage crisis. The Federal Deposit Insurance Corporation (FDIC) took over the bank’s operations and sold its assets to JPMorgan Chase, which assumed most of WaMu’s liabilities.

3. IndyMac Bank – 2008:
IndyMac Bank was another casualty of the mortgage crisis in 2008. It was the second-largest US bank to fail, with total assets of $32 billion. The bank’s failure was primarily due to its exposure to subprime mortgages, which caused a surge in foreclosures. The FDIC also stepped in to manage the bank’s collapse and sold its assets to a newly formed institution, IndyMac Federal Bank.

4. Continental Illinois National Bank – 1984:
Considered the largest bank failure in US history at the time, Continental Illinois National Bank’s collapse shook the banking industry. With assets totaling $40 billion, this failure shattered the belief that large banks were too big to fail. The bank was bailed out by a consortium of major financial institutions led by the FDIC, which injected capital into the newly formed Continental Illinois Corporation.

5. Bank of New England – 1991:
Bank of New England, a regional bank with $20 billion in assets, experienced significant losses in the late 1980s due to excessive lending and risky investments. With mounting bad loans and deteriorating financial condition, the FDIC seized the bank’s assets in 1991 and sold them to Fleet Financial Group.

These are just a few examples of the largest US bank failures that have occurred throughout history. Each incident highlights the vulnerabilities and risks within the banking system and the consequences they can have on the wider economy. These failures also underscore the importance of vigilant regulation, risk management, and supervision to prevent future crises in the financial sector.