The Federal Deposit Insurance Corporation is charged with maintaining the "stability and public confidence in the nation's financial system," according to its website. As part of that charge, it ensures financial institutions are operating soundly.
Still, banks sometimes fail. Between the years 2000 and 2020, more than 500 banks closed. In most cases, a larger, more financially sound bank will acquire the failed institution. I stumbled upon some data from the FDIC, and I was curious: which states have the most bank failures? Where are they located?
Using a graphic visualization tool I made, you can find out for yourself! States in dark red saw more bank closures in the first two decades of the 21st century. Additionally, you can search for banks and zoom in to areas to see in which cities these failed banks were located. Even cooler, you can hover over a specific failed bank to see which institution acquired it.
Have any thoughts? Want to engage in a conversation about it? Let's do it! Contact me.