FACT CHECK: Did No Bank Collapse During Trump’s Presidency?
A post shared on Facebook claims that there were zero bank collapses under former President Donald Trump’s presidency.
Verdict: False
While the recent bank collapses under President Joe Biden are the biggest since 2008, approximately 16 banks collapsed during Trump’s presidency.
Fact Check:
Silicon Valley Bank collapsed March 10, which was the second biggest closure in United States history, rendering billions in deposits unreachable, according to Reuters. Signature Bank, which operates in New York state, failed the next day and had approximately $90 billion in deposits, the outlet reported.
The Facebook post asks a rhetorical question about bank closures underneath Trump, stating that such events “didn’t happen.” The claim was also shared on Twitter, with one iteration receiving more than 400 views.
No bank collapsed under the Donald Trump administration.
— TMK (@TheMagaKing) March 12, 2023
This claim, however, is false. A total of 16 banks failed during the Trump presidency, according to data from the Federal Deposit Insurance Commission (FDIC). There were collapses in banks in 2017, 2019 and 2020, Newsweek reported. (RELATED: Does This Image Show Alcohol That Was Smuggled Into The World Cup?)
The scale of the bank failures differs, as well. For example, Almena State Bank, which collapsed in October 2020, had ” approximately $70 million in total assets and $68.7 million in total deposits,” according to the FDIC press release.
In comparison, “Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposit,” per the FDIC’s Mar. 10 press release. Signature bank, which failed days later, had “total assets of $110.4 billion and total deposits of $88.6 billion,” according to a release from Mar. 12.
The list of banks that collapsed and failed under Trump’s presidency include the Washington Federal Bank for Savings, City National Bank of New Jersey, First City Bank of Florida and the Resolute Bank, according to FDIC.
Misinformation around politicians is not new. Check Your Fact previously debunked an image claiming to show Chicago Mayor Lori Lightfoot buying beer after losing her 2023 mayoral election.
