Martin J. Gruenberg, Board of directors chairman at FDIC | Federal Deposit Insurance Corporation (FDIC)
Martin J. Gruenberg, Board of directors chairman at FDIC | Federal Deposit Insurance Corporation (FDIC)
This bank failure occurred in Waukegan with Waukegan Savings Bank. It occurred in August 2012, resulting in a substantial loss of $23.5 million. At the time of the failure, the bank held a significant amount of $73 million in customer deposits.
There have been 131 bank failures across the country since 2012, accounting for an estimated loss of $44.3 billion. That averages about 2.6 bank failures per state, which lags behind Illinois' total of 20 during the period.
Silicon Valley Bank was shut down in March 2023 after significant losses and widespread withdrawals. The collapse, estimated at about $20 billion, was the largest U.S. bank failure since Washington Mutual in 2008. After an agreement with the FDIC, First Citizens Bank took over Silicon Valley Bank’s assets and operations.
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