The Romanian economic crisis manifests in all fields of activity. One of the affected sectors is the banking system. The studies performed so far, the official press releases of the government and of the National Bank of Romania show that the Romanian banking system has been only slightly affected. The objective of this study is to identify whether the economic crisis has really affected the Romanian banking system in a slight or deeper manner. Meanwhile, we tried to study which are the medium and long-term implications upon the economic environment of the fact that the banking system as a whole or only some banks suffer from the economic crisis. The research starts from determining the economic crisis size based on the macroeconomic indicators published in different studies. We hereby identify the main social-economic factors that could create difficulties in the banks’ activity. Then we determine their effects upon the banking system by analyzing specific bank indicators as they were published by the National Bank of Romania and by other banks. The performed study shows that the Romanian banking system, in spite of the reassuring press releases given by different public authorities, is deeply affected by the economic crisis. It is a matter of time until the banks report serious difficulties in their activities. While the exit from crisis is moving further and further away, the existing problems will amplify because the clients’ trust in banks deteriorates in a rapid manner. There are big risks that the economic recovery will be aggravated by the banking system that is only now entering the crisis.