List of banks acquired or bankrupted during the Great Recession

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Jesse Viviano (talk | contribs) at 20:39, 10 October 2008 (The Citigroup deal buying out Wachovia is abandoned.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.


This is a list of financial institutions that have been affected by the Financial crisis of 2007–2008. The list includes banks (including commercial banks and investment banks), building societies and insurance companies that have either been:

  • taken over or merged with another financial institution;
  • nationalised by a government or central bank; or
  • declared insolvent or liquidated.

In the United States, 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 presumed Merrill Lynch acquisition by Bank of America, the Bear Stearns acquisition 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 has filed for Chapter 11 bankruptcy protection.

In the United Kingdom, Her Majesty's Treasury has the power to acquire failing banks under the Banking (Special Provisions) Act 2008. Using powers granted by this Act, Her Majesty's Treasury acquired the shareholdings of both Northern Rock and the Bradford & Bingley; and transferred the savings accounts of failed Icelandic banks to ING Direct. Anti-terrorism legilsation has been used to sieze assets of the Icelandic banks, the Government of Iceland and the Icelandic central bank in the UK.

Acquisitions

Date acquisition is announced Acquired company Acquirer Type of company acquired ~Value (USD) References
February 22, 2008 United Kingdom Northern Rock United Kingdom Her Majesty's Government retail and mortgage bank [1]
April 1, 2008 United States Bear Stearns United States JPMorgan Chase Investment bank $2.2×10^9 [2]
June 7, 2008 United Kingdom Catholic Building Society United Kingdom Chelsea Building Society Building Society [3]
July 1, 2008 United States Countrywide Financial United States Bank of America Subprime mortgage lender $4×10^9 [4]
July 14, 2008 United Kingdom Alliance & Leicester Spain Banco Santander SA retail and mortgage bank
August 26, 2008 Denmark Roskilde Bank Denmark Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000 (kr4,500,000,000) [5]
September 8, 2008 United Kingdom Derbyshire Building Society United Kingdom Nationwide Building Society Building society
September 8, 2008 United Kingdom Cheshire Building Society United Kingdom Nationwide Building Society Building society
September 14, 2008 - Presumed United States Merrill Lynch United States Bank of America Investment bank $4.4×10^10 [6]
September 16, 2008 - Presumed United States American International Group United States United States federal governmentA Insurance company $8.5×10^10 [7]
September 17, 2008 - United States Lehman BrothersB United Kingdom Barclays plc Investment bank $1.3×10^9 [8]
September 18, 2008 - Presumed United Kingdom HBOS United Kingdom Lloyds TSB Diversified financial services $2.185×10^10 [9]
September 26, 2008 United States Washington Mutual United States JPMorgan Chase Savings and loan association $1.9×10^9 [10]
September 26, 2008 United States Lehman BrothersC Japan Nomura Holdings Investment bank $2 [11]
September 28, 2008 United Kingdom Bradford & BingleyD United Kingdom Her Majesty's Government (Mortgage Assets)
Spain Banco Santander SA (Savings Liabilities) 		Diversified financial services £2.11×10^10 [12]
September 28, 2008 Belgium Netherlands Luxembourg Fortis Netherlands Government of the Netherlands (Dutch assets)
France BNP Paribas (Belgian and Luxembourg assets) 		Diversified financial services €1.12×10^10 [13]
September 29, 2008 - Abandoned United States Wachovia United States CitigroupE Retail and investment banking $1.5×10^10 [14]
September 30, 2008 Belgium Dexia Belgium France Luxembourg The Belgian, French and Luxembourg governments Public finance and retail [15]
October 3, 2008 United States Wachovia United States Wells FargoF Retail and investment banking $1.5×10^10 [16]
October 7, 2008 Iceland Landsbanki Iceland Icelandic Financial Supervisory Authority Commercial Bank [17][18]
October 8, 2008 Iceland Glitnir Iceland Icelandic Financial Supervisory Authority Commercial bank [19][20]
October 9, 2008 Iceland Kaupthing Bank Iceland Icelandic Financial Supervisory Authority Commercial bank [21][22]
October 9, 2008 Australia BankWest (subsidiary of HBOS) Australia Commonwealth Bank of Australia Bank £1.2 billion [23]

Bank failures

United States of America

Bankrupt, filed for bankruptcy protection, or closed and received by the FDIC
Date Company Deposits and/or branches taken by Type of company bankrupt or closed References
February 2, 2007 Metropolitan Savings Bank, Pittsburgh, Pennsylvania Allegheny Valley Bank; FDIC [24]
September 28, 2007 NetBank, Alpharetta, Georgia ING Direct; FDIC Retail and mortgage bank [25][26]
October 4, 2007 Miami Valley Bank, Lakeview, Ohio Citizens Banking Corp; FDIC [27][28]
January 25, 2008 Douglass National Bank, Kansas City, Missouri Liberty Bank and Trust Company; FDIC [29]
March 7, 2008 Hume Bank, Hume, Missouri Security Bank; FDIC [30]
May 9, 2008 ANB Financial, Bentonville, Arkansas Pulaski Bank and Trust Company; FDIC [31]
May 30, 2008 First Integrity Bank, Staples, Minnesota First International Bank and Trust; FDIC [32]
July 11, 2008 IndyMac Bank, Pasadena, California IndyMac Federal Bank; FDIC savings and loan association [33]
July 25, 2008 First National Bank of Nevada, Reno, Nevada; First Heritage Bank, Newport Beach, California Mutual of Omaha; FDIC [34]
August 1, 2008 First Priority Bank, Bradenton, Florida SunTrust Bank; FDIC [35]
August 22, 2008 The Columbian Bank and Trust Company, Topeka, Kansas Citizens Bank & Trust; FDIC [36]
August 29, 2008 Integrity Bank, Alpharetta, Georgia Regions Bank; FDIC [37]
September 5, 2008 Silver State Bank, Henderson, Nevada Nevada State Bank; National Bank of Arizona; FDIC [38]
September 15, 2008 Lehman Brothers (filed for bankruptcy protection) Investment bank [39]
September 19, 2008 AmeriBank, Northfork, West Virginia Pioneer Community Bank; The Citizen's Saving Bank; FDIC [40]
September 25, 2008 Washington Mutual JPMorgan Chase; FDIC savings and loan association [41]

United Kingdom and Iceland

Banks that have been put into administration; or the assets have been transfered to another bank under the provisions of the Banking (Special Provisions) Act 2008

Date Company Deposits and/or branches taken by Type of company bankrupt or closed References
October 9, 2007 Icesave (subsidiary of Landsbanki (Iceland)) Her Majesty's TreasuryG Online savings bank
October 8, 2007 Kaupthing Singer & Friedlander (subsidiary of Kaupthing Bank (Iceland)) placed in administration Corporate investments and private banking
October 8, 2007 Heritable Bank (subsidiary of Landsbanki (Iceland)) ING DirectH Private banking
October 8, 2007 Kaupthing Edge (division of Kaupthing Singer & Friedlander) ING DirectI Online savings bank

See also

Notes

References

  1. ^ "UK government nationalised Northern rock". BBC. 2008-02-17.
  2. ^ White, Ben (May 29), "Bear Stearns passes into Wall Street history", Financial Times {{citation}}: Check date values in: |date= and |year= / |date= mismatch (help)
  3. ^ >Steve Hodge (2008-09-05). "Catholic society offers merger bonuses". Financial Times.
  4. ^ Associated Press (2008-07-01). "Bank of America completes deal for Countrywide Financial". San Jose Mercury News.
  5. ^ McLaughlin, Kim (2008-08-26). "Danish central bank buys out ailing Roskilde bank". Reuters. Thomson Reuters. Retrieved 2008-10-05. {{cite news}}: Check date values in: |date= (help); Unknown parameter |coauthors= ignored (|author= suggested) (help)
  6. ^ Matthew Karnitschnig (2008-09-14). "Bank of America Reaches Deal for Merrill". The Wall Street Journal. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  7. ^ a b Edmund L. Andrews, ; et al. (2008-09-16). "Fed's $85 Billion Loan Rescues Insurer". The New York Times. {{cite news}}: Cite has empty unknown parameter: |1= (help); Explicit use of et al. in: |author= (help)
  8. ^ a b BBC,; et al. (2008-09-17). "Judge approve 1.3 billion deal". BBC. {{cite news}}: Explicit use of et al. in: |author= (help)
  9. ^ AP (2008-09-18). "Lloyds TSB confirms deal to take over HBOS PLC". International Herald Tribune.
  10. ^ BBC,; et al. (2008-9-26). "Regulator sells WaMu to JPMorgan Chase". {{cite news}}: Check date values in: |date= (help); Explicit use of et al. in: |author= (help)
  11. ^ a b KyodoNews (2008-9-26). "Nomura pays only $2 for Lehman Brothers European unit". JapanToday. {{cite news}}: Check date values in: |date= (help)
  12. ^ "Banco Santander SA buys the banking assets of Bradford & Bingley". Bloomberg. 2008-9-29. {{cite news}}: Check date values in: |date= (help)
  13. ^ Clark, Nick (2008-09-30). "Fortis gets €11bn lifeline from three governments". The Independent. Retrieved 2008-09-30. {{cite news}}: Check date values in: |date= (help); Cite has empty unknown parameter: |1= (help)
  14. ^ a b Ellis, David (2008-09-29). "Citigroup buys Wachovia bank assets for $2.2B". CNN. Retrieved 2008-09-29. {{cite news}}: Check date values in: |date= (help); Cite has empty unknown parameter: |1= (help)
  15. ^ "Second Belgian bank gets bail-out". BBC News. 2008-09-30. Retrieved 2008-09-30. {{cite news}}: Check date values in: |date= (help); Cite has empty unknown parameter: |1= (help)
  16. ^ a b David Mildenberg,Josh Fineman (2008-10-3). "Wells Fargo merger with Wachovia". Bloomberg. {{cite news}}: Check date values in: |date= (help)
  17. ^ The Financial Supervisory Authority - Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland (07.10.2008)
  18. ^ Landsbanki Íslands, Press release: Landsbanki's Operations Continued Under Unchanged Management (October 07, 2008)
  19. ^ The Financial Supervisory Authority - Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland (08.10.2008)
  20. ^ Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (08.10.2008)
  21. ^ The Financial Supervisory Authority - Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland (09.10.2008)
  22. ^ Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09)
  23. ^ Australian assets sale boosts HBOS funds
  24. ^ "FDIC Approves the Assumption of the Insured Deposits of Metropolitan Savings Bank, Pittsburgh, Pennsylvania" (Press release). FDIC. 2007-02-02.
  25. ^ "Failed Bank Information: NetBank, Alpharetta, GA, Closing Information". FDIC. 2007-09-28.
  26. ^ "ING wins from online bank failure". BBC News. 2008-09-30.
  27. ^ "Bank Closing Information for Miami Valley Bank, Lakeview, Ohio". FDIC. 2007-10-04.
  28. ^ "Miami Valley becomes year's 3rd failed bank - FDIC". Reuters. 2008-10-04.
  29. ^ "FDIC Approves the Assumption of all the Deposits of Douglass National Bank, Kansas City, Missouri" (Press release). FDIC. 2008-01-25.
  30. ^ "FDIC Approves the Assumption of the Insured Deposits of Hume Bank, Hume, Missouri" (Press release). FDIC. 2008-03-07.
  31. ^ "FDIC Approves the Assumption of the Insured Deposits of ANB Financial, National Association, Bentonville, Arkansas" (Press release). FDIC. 2008-05-09.
  32. ^ "FDIC Approves the Assumption of All the Deposits of First Integrity Bank, National Association, Staples, Minnesota" (Press release). FDIC. 2008-05-30.
  33. ^ "FDIC Establishes IndyMac Federal Bank, FSB as Successor to IndyMac Bank, F.S.B., Pasadena, California". FDIC. 2008-07-11.
  34. ^ "Mutual of Omaha Bank Acquires All Deposits of First National Bank of Nevada and First Heritage Bank, N.A." (Press release). FDIC. 2008-07-25.
  35. ^ "SunTrust Bank Acquires the Insured Deposits of First Priority Bank, Bradenton, Florida" (Press release). FDIC. 2008-08-01.
  36. ^ "Failed Bank Information: NetBank, Alpharetta, GA, Closing Information". FDIC. 2008-08-22.
  37. ^ "Failed Bank Information: Integrity Bank, Alpharetta, GA Closing Information". FDIC. 2008-08-29.
  38. ^ "Failed Bank Information: Silver State Bank, Henderson, NV Closing Information". FDIC. 2008-09-05.
  39. ^ "Lehman Brothers Holdings Inc. Announces It Intends to File Chapter 11 Bankruptcy Petition" (PDF) (Press release). Lehman Brothers Holdings Inc. 2008-09-15. Retrieved 2008-09-15.
  40. ^ "Pioneer Community Bank, Inc., and the Citizens Savings Bank Acquire All Deposits of Ameribank, Inc., Northfork, West Virginia" (Press release). FDIC. 2008-09-19.
  41. ^ "JPMorgan Chase Acquires Banking Operations of Washington Mutual" (Press release). FDIC. 2008-09-19.
  42. ^ "HIGHLIGHTS-Britain nationalises Bradford & Bingley". Reuters. 2008-09-29. Retrieved 2008-09-29.
Retrieved from "https://en.wikipedia.org/w/index.php?title=List_of_banks_acquired_or_bankrupted_during_the_Great_Recession&oldid=244441770"