Salem County registered one bank failure since 2012, according to a Federal Deposit Insurance Corp. report.
This bank failure occurred in Pennsville with Harvest Community Bank. It occurred in January 2017, resulting in a substantial loss of $22.2 million. At the time of the failure, the bank held a significant amount of $122.2 million in customer deposits.
There have been 131 bank failures across the country since 2012, accounting for an estimated loss of $44.3 billion. That averages about 2.6 bank failures per state, which lags behind New Jersey’s total of three during the period.
Silicon Valley Bank was shut down in March 2023 after significant losses and widespread withdrawals. The collapse, estimated at about $20 billion, was the largest U.S. bank failure since Washington Mutual in 2008. After an agreement with the FDIC, First Citizens Bank took over Silicon Valley Bank’s assets and operations.
