Introduction to Problem Banks eBook

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March 10, 2023 Regulators shut down Silicon Valley Bank, capping abrupt 44-hour collapse The California Department of Financial Protection and Innovation took possession of the struggling bank, whose stock price tanked 60% the day before, and appointed the Federal Deposit Insurance Corp. as the bank's receiver. It cited inadequate liquidity and insolvency… The collapse of Silicon Valley Bank was the first bank failure in nearly two and a half years. The last FDIC-insured institution to fail was the $70 million asset Almena State Bank in Kansas on Oct 23, 2020, according to the FDIC website, its estimated cost to the DIF was $16.8 million.

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October 23, 2020 Kansas regulators close Almena State Bank in year’s 4th bank failure The FDIC blamed Almena’s closure on “longstanding capital and asset quality issues” unrelated to the coronavirus pandemic. The bank had lost more than $9.3 million since 2018 and had not turned an annual profit since 2017,American Banker reported. The FDIC estimates the bank failure will cost the Deposit Insurance Fund $18.3 million.

Full article: https://www.bankingdive.com/news/almena-state-bank-failure closure/587716/