The FDIC bailed out millions in uninsured deposits at Silicon Valley Bank, but it won't do the same for smaller banks, the treasury secretary said.
Bank failures are a common occurrence in the United States. Since 2001, some 563 banks across the country have failed, including a high of 157 at the height of the Great Recession in 2010, according to FDIC data.
When First Arizona Savings Bank shut down in 2010, for example, the FDIC estimated that about $1.8 million of the bank's $198.8 million in deposits were uninsured, according to local news reports. That left account holders holding uninsured deposits with little recourse for getting their money back. "That was controversial because up until that point in the prior few years, smaller banks had been failing, and when they failed, only [insured] depositors were protected—uninsured depositors lost money, other creditors lost money," FDIC official Arthur Murton recounted in a recent podcast for the agency.
A series of"rolling recessions" across the country later prompted the FDIC to intervene in problems at regional banks that were involved in key industries like energy and agriculture, leading to a decline in FDIC funds that prompted reforms to the FDIC that are in effect today.
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