List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_financial_crisis_of_2007–2008

List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis

List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis

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This is a list of banks in the United States affected by the 2007–2008 financial crisis. The list includes banks (including commercial banks, investment banks, and savings and loan associations) that have:

  • been taken over or merged with another financial institution,
  • been declared insolvent or liquidated, or
  • filed for bankruptcy.

The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012.[1]

Banks

The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America. IndyMac Bank was also a large bank that was changed into a bridge bank by the FDIC, after its failure, until the funds can be disposed of. In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset Relief Program.

As a result of the economic and financial crisis, over 65 U.S. banks have become insolvent and have been taken over by the FDIC since the beginning of 2008. Combined, these banks held over $55 billion in deposits, and the takeovers cost the federal government an estimated $17 billion.[2]

A list of all banks that have failed since October 1, 2000, and either have been liquidated or are being liquidated by the FDIC is located at http://www.fdic.gov/bank/individual/failed/banklist.doc.

2007 (3 total)

More information Date, Company ...

2008 (26 total)

More information Date, Company ...

2009 (140 total)

More information Date, Company ...

2010 (157 total)

The following 157 banks failed in 2010:[1]

More information Bank, City ...

Credit unions

The National Credit Union Administration (NCUA) does not have a table of failed credit unions prior to 2009. A list of credit unions which failed since 2009 can be found at https://ncua.gov/support-services/conservatorships-liquidations . For failed credit unions prior to 2009 please refer to press releases regarding failed credit unions at https://ncua.gov/news/press-releases.

More information Date, Company ...

See also

General:


References

  1. "Failed Bank List". Federal Deposit Insurance Corporation. Archived from the original on November 15, 2013. Retrieved November 15, 2013.
  2. "Monroe Bank & Trust Acquires All the Deposits of Main Street Bank, Northville, Michigan" (Press release). FDIC. October 10, 2008. Retrieved October 10, 2008.
  3. "National Bank Acquires All the Deposits of Meridian Bank, Eldred, Illinois" (Press release). FDIC. October 10, 2008. Retrieved October 10, 2008.
  4. Boselovic, Len (October 24, 2008). "PNC acquiring National City". Pittsburgh Post-Gazette. Archived from the original on October 26, 2008.
  5. "PNC Financial Services To Buy National City". KDKA-TV. October 24, 2008. Archived from the original on October 25, 2008.
  6. "Fifth Third Bank Acquires All the Deposits of Freedom Bank, Bradenton, Florida" (Press release). FDIC. October 31, 2008. Retrieved October 31, 2008.
  7. "Prosperity Bank Acquires All the Deposits of Franklin Bank, S.S.B., Houston, Texas" (Press release). FDIC. November 7, 2008. Retrieved November 7, 2008.
  8. "Pacific Western Bank Acquires All the Deposits of Security Pacific Bank, Los Angeles, California" (Press release). FDIC. November 7, 2008. Retrieved November 7, 2008.
  9. Dash, Eric (October 3, 2008). "Wells Fargo to pay $15.1 billion for Wachovia". The New York Times.
  10. "Bank Failures in Brief-2009". FDIC. January 11, 2013.
  11. "Sharebuilders Federal Credit Union Closes" (Press release). NCUA. May 9, 2008. Retrieved October 12, 2008.
  12. "NCUA Closes Green Tree Federal Credit Union" (Press release). NCUA. November 2, 2008. Retrieved October 12, 2008.
  13. "Huron River Credit Union Liquidated; Members Now Served by Detroit Edison Credit Union" (Press release). NCUA. November 28, 2008. Retrieved October 12, 2008.
  14. "NCUA Selects Public Service Credit Union to Absorb Norlarco" (Press release). NCUA. January 24, 2008. Retrieved October 12, 2008.
  15. "St. Luke Baptist Federal Credit Union Closes" (Press release). NCUA. May 5, 2008. Retrieved October 12, 2008.
  16. "Father Burke Federal Credit Union Closes" (Press release). NCUA. May 12, 2008. Retrieved October 12, 2008.
  17. "Meriden F.A. Federal Credit Union Closes" (Press release). NCUA. July 16, 2008. Retrieved October 12, 2008.
  18. "New London Security FCU Closes" (Press release). NCUA. July 28, 2008. Retrieved October 12, 2008.
  19. "CPM Federal Credit Union Now Serves Members of Liquidated Port Trust FCU" (Press release). NCUA. September 8, 2008. Retrieved October 12, 2008.
  20. "Interfaith Federal Credit Union Closes" (Press release). NCUA. September 17, 2008. Retrieved October 12, 2008.
  21. "Kaiperm Federal Credit Union Liquidated; Members Now Served by Alliant Credit Union" (Press release). NCUA. September 29, 2008. Retrieved October 12, 2008.
  22. "TEXDOT-WF Credit Union Closes; Members Now Served by Postel Family Credit Union" (Press release). NCUA. October 3, 2008. Retrieved October 12, 2008.
  23. "N&W Poca Division Federal Credit Union Closes" (Press release). NCUA. October 6, 2008. Retrieved October 12, 2008.
  24. "West Hardford Credit Union Closes" (Press release). NCUA. October 6, 2008. Retrieved December 9, 2008.
  25. "Valley Credit Union Closes" (Press release). NCUA. January 2, 2009. Retrieved January 13, 2009.
  26. "Center Valley Credit Union Closes" (Press release). NCUA. February 16, 2009. Retrieved February 13, 2009.
  27. "NCUA Conserves U.S. Central and Western Corporate Credit Unions" (Press release). NCUA. March 20, 2009. Archived from the original on March 22, 2009. Retrieved March 20, 2009.
  28. "Eastern Financial Florida Credit Union placed into conservatorship" (Press release). NCUA. April 24, 2009. Retrieved May 31, 2009.
  29. "Watts United Credit Union Closes" (Press release). NCUA. July 6, 2009. Retrieved July 24, 2009.
  30. "One Federal Credit Union Closes" (Press release). NCUA. August 12, 2009. Archived from the original on August 15, 2009. Retrieved August 14, 2009.
  31. "Free Choice Federal Credit Union Liquidated" (Press release). NCUA. August 28, 2009. Archived from the original on September 1, 2009. Retrieved September 26, 2009.
  32. "Comunidades FCU Close" (Press release). NCUA. September 22, 2009. Archived from the original on September 1, 2009. Retrieved September 26, 2009.
  33. "Keys Federal Credit Union Placed into Conservatorship" (Press release). NCUA. September 24, 2009. Archived from the original on September 1, 2009. Retrieved September 26, 2009.

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