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States without Recent Bank Failures


It appears the FDIC has taken today off for Good Friday. As of 9:30pm CDT there have been no bank failures. Since there were no bank closures, I thought it would be interesting (and in the spirit of the holidays) to review the states that have not experienced any bank failures since the financial crisis began.

I remember the days when a bank failure was rare. It wasn't too long ago. There were two years in a row (2005 and 2006) in which no bank failed. In 2007 there were only three bank failures. The most notable one was NetBank. The financial crisis began in 2008, and the bank failures picked up with 25 failures in 2008 and 140 in 2009. So far this year there have been 41 closures.

In this period since 2007, there have been a total of 209 bank failures. Banks have failed in most states. Instead of showing the states that have been hit the hardest, I thought it would be interesting to review the states that have not had any bank failures. As you might expect, most of these states are small without many bank headquarters. So that's a major reason why several of these states haven't seen recent bank failures. However, there are a few states that are sizable. Both Massachusetts and Tennessee have over 6 million residents and over 100 banks.

I included both a map of the bank-failure-free states and a table. In the table, I included the state population, the number of banks with headquarters in the state and the number of public enforcement actions that have been issued to banks in the state.

States free of recent bank failures

States without Recent Bank Failures as of 4/02/2010

State Population1 # of Banks2 # of Banks
with PEAs3
Alaska 698,473 6 0
Connecticut 3,518,288 56 6
Delaware 885,122 30 2
Hawaii 1,295,178 9 3
Maine 1,318,301 29 2
Massachusetts 6,593,587 170 7
Mississippi 2,951,996 93 4
Montana 974,989 75 7
New Hampshire 1,324,575 23 0
North Dakota 646,844 94 3
Rhode Island 1,053,209 14 2
South Carolina 4,561,242 90 11
Tennessee 6,296,254 198 8
Vermont 621,760 15 0
1 2009 Population from Wikipedia
2 Number of banks per state is based on BauerFinancial
3 # of banks operating under Public Enforcement Actions (PEAs) from Calculated Risk Blog


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Anonymous   |     |   Comment #1
Excellent compilation! Very interesting...