Austin, TX - So far in 2023, the US banking sector has suffered three major collapses tied to assets amounting to nearly $550 billion. For comparison, the first year of the 2008 financial crisis saw 25 bank closures tied to approximately $373 billion in assets. MyEListing.com, a commercial real estate data and listing platform, recently released a report illustrating where the most banks have failed, at both the city and state level, between 2000 and 2023.
The report analyzes FDIC bank failure data that unveils a total of 566 bank failures in the last 23 years.
At the state level, Georgia, Florida, and Illinois saw the most bank failures, with 93, 76, and 69 respectively, according to MyEListing.com's research. These three states alone are responsible for nearly 42% of the US banking sector's failures since 2000.
"Several other states have had over 5 bank failures," says the report, "including Nevada, Kansas, Wisconsin, South Carolina, Colorado, Maryland, Pennsylvania, Ohio, Utah, New Jersey, Oklahoma, Alabama, Tennessee, North Carolina, Oregon, and New York. These states' contributions to the total bank failures range from 1.06% to 2.12%."
At the city level, Chicago, Atlanta, and Phoenix saw the most failures, with 20, 10, and 6 respectively.
"Beyond the top three," says the report, "the number of failures per city starts to distribute more evenly…Further in the list, many cities recorded three bank failures, including notable financial hubs like New York and San Francisco."
The research concludes by noting that bank failures "do not exist in isolation."
"The unsettling truth," according to the report, "is that these aren't mere figures; they represent people's life savings, small businesses on the brink of closure, families struggling to cope, and communities trying to find their footing in an unstable economy."
You can read the full complete report here: https://myelisting.com/commercial-real-estate-news/1683/banks-failed-the-most-in-these-cities-states/
MyEListing.com is a national commercial real estate marketplace and data platform. Users can sign up for free and get access to accurate local market intelligence, comp software, a national agent directory, and more. The site also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.
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