List of banks acquired or bankrupted during the Great Recession

This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 2007–2009. The list includes banks (including savings and loan associations, commercial banks and investment banks), building societies and insurance companies that were:

  • taken over or merged with another financial institution;
  • nationalised by a government or central bank; or
  • declared insolvent or liquidated.
Announcement date Acquired company Acquirer Type of company acquired Value (USD, EURand GBP) Reference
January 3, 2007  Ownit Mortgage Solutions Inc Chapter 11 bankruptcy and liquidation Mortgage lender
January 29, 2007  American Freedom Mortgage Chapter 11 bankruptcy and liquidation Mortgage lender
February 21, 2007  First Merchant Bank withdrawal of the concession Offshore bank [1]
April 2, 2007  New Century Chapter 11 bankruptcy and liquidation Mortgage lender [2]
August 6, 2007  American Home Mortgage Chapter 11 bankruptcy and liquidation Mortgage lender [3]
August 31, 2007  Ameriquest Mortgage Chapter 11 bankruptcy and liquidation Largest Subprime Mortgage lender
September 28, 2007  NetBank  ING Direct Savings and loan association $14,000,000 [4][5]
October 9, 2007  ABN AMRO    Royal Bank of Scotland Fortis Grupo Santander Diversified financial services €7×1010
February 22, 2008  Northern Rock  Government of the United Kingdom Retail and mortgage bank [6]
April 1, 2008  Bear Stearns, New York City  JPMorgan Chase, New York City Investment bank $2.2×109 [7]
June 7, 2008  Catholic Building Society  Chelsea Building Society Building Society £51,000,000 [8]
July 1, 2008  Countrywide Financial, Calabasas, California  Bank of America, Charlotte, North Carolina Mortgage lender $4×109 [9]
July 14, 2008  Alliance & Leicester  Grupo Santander Retail and mortgage bank £1.26×109 [10]
August 26, 2008  Roskilde Bank  Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000(kr4,500,000,000) [11]
September 5, 2008  Silver State Bank  Federal Deposit Insurance Corporation Commercial bank [12]
September 7, 2008  Fannie Mae and Freddie Mac  Federal Housing Finance Agency Secondary Mortgage Market $2×1011 [13][14][15]
September 8, 2008  Derbyshire Building Society  Nationwide Building Society Building society £7.1×109 [16]
September 8, 2008  Cheshire Building Society  Nationwide Building Society Building society £4.9×109 [17]
September 14, 2008  Merrill Lynch, New York City  Bank of America, Charlotte, North Carolina Investment bank $4.4×1010 [18]
September 16, 2008  American International Group, New York City  United States federal governmentA Insurance company $1.82×1011 [19]
September 17, 2008-  Lehman Brothers, New York City B  Barclays Investment bank $1.3×109 [20]
September 18, 2008  HBOS  Lloyds TSB Diversified financial services $2.185×1010 [21]
September 26, 2008  Washington Mutual, Seattle, Washington  JPMorgan Chase, New York City Savings and loan association $1.9×109 [22]
September 26, 2008  Lehman BrothersC  Nomura Holdings Investment bank $2 [23]
September 28, 2008  Bradford & BingleyD  Government of the United Kingdom (Mortgage Assets)
Grupo Santander (Savings Liabilities)
Diversified financial services £612,000,000 [24][25][26]
September 28, 2008    Fortis  Government of the Netherlands (Dutch assets including ABN AMRO)
BNP Paribas (Belgian and Luxembourg assets)
Diversified financial services €1.12×1010 [27]
September 30, 2008  Dexia    The Belgian, French and Luxembourg governments Public finance and retail [28]
October 3, 2008  Wachovia, Charlotte, North Carolina  Wells Fargo, San Francisco, California Retail and investment banking $1.5×1010 [29]
October 7, 2008  Landsbanki  Icelandic Financial Supervisory Authority Commercial bank [30][31]
October 8, 2008  Glitnir  Icelandic Financial Supervisory Authority Commercial bank [32][33]
October 9, 2008  Kaupthing Bank  ING Direct Commercial bank €1.14×109 [34][35]
October 9, 2008  BankWest (subsidiary of HBOS)  Commonwealth Bank of Australia Bank £1.2×109 [36]
October 13, 2008  Sovereign Bank, Wyomissing, Pennsylvania  Banco Santander SA Bank $1.9×109 [37]
October 13, 2008  Royal Bank of Scotland Group (up to 81.14% Bought)  Government of the United Kingdom Bank £2×1010 [38][39]
October 13, 2008  HBOS (up to 43.5% Bought)  Government of the United Kingdom Bank £1.3×1010 [38][39]
October 13, 2008  Lloyds TSB (up to 43.5% Bought)  Government of the United Kingdom Bank £4×109 [39]
October 17, 2008  UBS  Swiss National Bank and the Federal administration of Switzerland Bank $5.92×1010 [40]
October 22, 2008  Barnsley Building Society  Yorkshire Building Society Building society £376,000,000 [41]
October 24, 2008  National City Bank, Cleveland, Ohio  PNC Financial Services, Pittsburgh, Pennsylvania Bank $5.58×109 [42]
October 24, 2008  Commerce Bancorp, Cherry Hill, New Jersey  Toronto-Dominion Bank, Toronto, Ontario Bank $8.5×109 [43]
November 2, 2008  Banco Português de Negócios  Government of Portugal Bank €6.305×109 [44]
November 4, 2008  Scarborough Building Society  Skipton Building Society Building Society [45]
November 8, 2008  Parex Bank (51% controlling interest)  Government of Latvia Bank [46]
November 21, 2008  Downey Savings and Loan  U.S. Bank Savings and loan association [47][48]
November 2008  London Scottish Bank Bank [49]
January 10, 2009  IndyMac Federal Bank  IMB Management Holdings Savings and loan association $1.39×1010 [50]
January 15, 2009  Anglo Irish Bank  Government of the Republic of Ireland Bank [51]
February 3, 2009  BTA Bank  Government of Kazakhstan Bank $2.1×109 [52]
February 3, 2009  Alliance Bank  Government of Kazakhstan Bank [52]
February 21, 2009  Bank of Antigua  Eastern Caribbean Central Bank Bank [53]
March 2, 2009  HSBC Finance Corporation shutdown of US consumer lending Consumer finance [54][55]
March 9, 2009  Straumur Investment Bank  Icelandic Financial Supervisory Authority Investment bank [56]
March 9, 2009  Dunfermline Building Society  Bank of England (social housing loans)
Nationwide Building Society (savings, residential mortgages, branch network)
Building Society [57]
April 10, 2009  Cape Fear Bank Chapter 11 bankruptcy and liquidation financial company [58]
April 10, 2009  New Frontier Bank Chapter 11 bankruptcy and liquidation Bank [59]
April 17, 2009  American Sterling Bank  Metcalf Bank Bank [60]
April 24, 2009  American Southern Bank  Georgia Department of Banking and Finance Bank $216,600,000 [61]
May 8, 2009  Stanford Bank Venezuela  Banco Nacional de Crédito Bank $111,000,000 [62]
May 11, 2009  Dresdner Bank  Commerzbank Bank [63]
May 22, 2009  Banco de Venezuela  Government of Venezuela Universal bank $1.05×109 [64][65]
May 28, 2009  Bank Medici withdrawal of the concession Bank [66]
August 14, 2009  Colonial Bank, Alabama  BB&T, North Carolina Bank [67]
August 21, 2009  Guaranty Bank, Texas  BBVA Compass, Alabama Savings and loan association [68]
September 25, 2009  Colonial Bancgroup Chapter 11 bankruptcy and liquidation Bank holding company [69]
October 5, 2009  Hypo Alpe Adria Bank  Government of Austria Bank, Mortgage lender [70]
October 21, 2009  DSB Bank Bank, Insurance [71]
October 30, 2009  Cal National Bank  US Bank Consumer and business bank [72]
December 4, 2009  AmTrust Bank  New York Community Bank Bank [73][74]
December 14, 2009  Hypo Real Estate  Government of Germany Bank, Mortgage lender
December 18, 2009  First Federal Bank of California  OneWest Bank, California Savings and loan association $5×109 [75]
December 18, 2009  Philippine American Life and General Insurance Company  American International Assurance Insurance company [76]
February 24, 2010  Chesham Building Society  Skipton Building Society Building Society £230,000,000 [77]
April 15, 2010  Banco Privado Português  Government of Portugal Bankruptcy and fraud Bank €41,000,000
April 30, 2010  EuroBancshares  OFG Bancorp Universal bank
May 24, 2010  CajaSur  Banco de España Savings and loan association €550,000,000 [78]
November 8, 2010  Ambac Chapter 11 bankruptcy and restructuring Insurance company [79]
March 17, 2011  Banco Filipino  Philippine Deposit Insurance Corporation Savings and loan association $191,800,000(₱8,400,000,000)
September 30, 2011  CatalunyaCaixa  Government of Spain Savings and loan association [80]
October 31, 2011  MF Global  US Securities and Exchange Commission Diversified financial services $4.3×1010
November 23, 2011  PMI Group  State of Arizona Insurance company [81][82]
May 25, 2012  Bankia  Government of Spain Savings and loan association €1.9×1010
June 11, 2012  FGIC  State of New York Insurance company [83]

See also

  • List of bank failures in the United States (2008–present)

Notes

  • ^AAcquired a nearly 80% share in exchange for a US$85 billion loan[84]
  • ^BOnly trading assets, trading liabilities, and head offices were acquired.[20]
  • ^COnly European and Middle Eastern equities and investment banking operations were acquired.[23]
  • ^DGrupo Santander only acquired the savings portion of Bradford & Bingley; the company’s loan portfolio was nationalised by the UK government.[85]

References

  1. ^Federal Register, 10 April 2008, DEPARTMENT OF THE TREASURY, 31 CFR Part 103, RIN 1506-AA89, Federal Register Volume 73, Number 70
  2. ^“New Century files for Chapter 11 bankruptcy”. CNN. 2007-04-03. Retrieved 2015-01-24.
  3. ^“American Home Mortgage Seeks Chapter 11 Bankruptcy Protection”. Associated Press. 2007-08-07. Retrieved 2015-01-24.
  4. ^“Online Bank Fails, and Regulators Shut It”. Associated Press. 2007-09-28. Retrieved 2015-01-24.
  5. ^“ING wins from online bank failure”. BBC News. 2007-09-30. Retrieved 2015-01-24.
  6. ^“UK government nationalised Northern rock”. BBC. 2008-02-17.
  7. ^White, Ben (May 29, 2008), “Bear Stearns passes into Wall Street history”, Financial Times
  8. ^Steve Hodge (2008-09-05). “Catholic society offers merger bonuses”. Financial Times.
  9. ^Associated Press (2008-07-01). “Bank of America completes deal for Countrywide Financial”. San Jose Mercury News.
  10. ^“Santander agrees £1.2bn A&L deal”. BBC News. 14 July 2008. Retrieved 2008-07-14.
  11. ^McLaughlin, Kim; Peter Levring (2008-08-26). “Danish central bank buys out ailing Roskilde bank”. Reuters. Thomson Reuters. Retrieved 2008-10-05.
  12. ^[1]
  13. ^Lockhart, James B., III (2008-09-07). “Statement of FHFA Director James B. Lockhart”. Federal Housing Finance Agency. Archived from the original on 2008-09-12. Retrieved 2008-09-07.
  14. ^“Fact Sheet: Questions and Answers on Conservatorship” (PDF). Federal Housing Finance Agency. 2008-09-07. Archived from the original on September 9, 2008.
  15. ^Goldfarb, Zachary A.; Cho, David; Appelbaum, Binyamin (2008-09-07). “Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms’ Troubles From Setting Off Wave of Bank Failures”. Washington Post. pp. A01. Retrieved 2008-09-07.
  16. ^“Mergers of Nationwide with The Derbyshire and The Cheshire Building Societies”. 2008-09-08. Archived from the original on 2008-09-19.
  17. ^“The Cheshire to merge with Nationwide”. 2008-09-08. Archived from the original on 2008-09-10.
  18. ^Matthew Karnitschnig; Carrick Mollenkamp; Dan Fitzpatrick (2008-09-14). “Bank of America Reaches Deal for Merrill”. The Wall Street Journal.
  19. ^Edmund L. Andrews, et al. (2008-09-16). “Fed’s $85 Billion Loan Rescues Insurer”. The New York Times.
  20. ^ Jump up to:ab BBC, et al. (2008-09-17). “Judge approve 1.3 billion deal”. BBC.
  21. ^AP (2008-09-18). “Lloyds TSB confirms deal to take over HBOS PLC”. International Herald Tribune.
  22. ^BBC, et al. (2008-09-26). “Regulator sells WaMu to JPMorgan Chase”. BBC News.
  23. ^ Jump up to:ab KyodoNews (2008-09-26). “Nomura pays only $2 for Lehman Brothers European unit”. JapanToday.
  24. ^“Banco Santander SA buys the banking assets of Bradford & Bingley”. Bloomberg. 2008-09-29.
  25. ^“Santander scraps UK bank brands”. BBC News. 2009-05-27. Retrieved 2009-05-27.
  26. ^Hosking, Patrick (2009-05-28). “Three familiar high street banks lose their names to Santander”. The Times. London. Retrieved 2010-05-08.
  27. ^Clark, Nick (2008-09-30). “Fortis gets €11bn lifeline from three governments”. London: The Independent. Retrieved 2008-09-30.
  28. ^“Second Belgian bank gets bail-out”. BBC News. 2008-09-30. Retrieved 2008-09-30.
  29. ^David Mildenberg, Josh Fineman (2008-10-03). “Wells Fargo merger with Wachovia”. Bloomberg.
  30. ^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) Archived 2008-10-10 at the Wayback Machine
  31. ^Landsbanki Íslands, Press release: Landsbanki’s Operations Continued Under Unchanged Management (October 07, 2008)
  32. ^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) Archived 2008-10-16 at the Wayback Machine
  33. ^Glitnir Bank, News: Glitnir’s Operations Continued – Lárus Welding to continue as CEO(08.10.2008)
  34. ^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) Archived 2008-10-14 at the Wayback Machine
  35. ^Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09)Archived 2008-10-12 at the Wayback Machine
  36. ^Morris, Martin (8 October 2008). “Australian assets sale boosts HBOS funds” – via www.telegraph.co.uk.
  37. ^“Spanish bank to buy Sovereign – $1.9B”. CNN Money. 2008-10-13. Retrieved 2008-10-17.
  38. ^ Jump up to:ab “The Times & The Sunday Times”. thetimes.co.uk.
  39. ^ Jump up to:ab c http://www.dailymail.co.uk/news/article-1076715/Were-bankers-Taxpayer-ends-running-banks–Barclays-goes-alone.html Taxpayer Ends Up Running Three Top Banks
  40. ^Costello, Miles (October 17, 2008). “UBS and Credit Suisse secure $70bn”. The Times. London. Retrieved October 20, 2008.
  41. ^“Barnsley Building Society rescued”. BBC News. 2008-10-22. Retrieved 2008-10-22.
  42. ^Mark Calvey (2008-10-24). “PNC buy troubled National Bank”. San Francisco Business Times.
  43. ^“Canadian Bank buy Commerce”. Philadelphia Business Journal. 2008-10-30.
  44. ^“Governo anuncia nacionalização do BPN”. Público. 2008-11-02.
  45. ^Evans, Richard (2008-11-04). “Scarborough merger with Skipton”. London: telegraph.co.uk. Retrieved 2010-05-08.
  46. ^“The once mighty fall further”. www.baltictimes.com.
  47. ^Clough, Richard (2013-09-14). “The day Downey Savings ran out of options”. Orange County Register. Retrieved 2015-01-24.
  48. ^“Downey Financial files for Chapter 7 bankruptcy”. Reuters. 2008-11-25. Retrieved 2015-01-24.
  49. ^Pagnamenta, Robin (2008-12-01). “London Scottish Bank Collapses”. The Times. Retrieved 7 January 2010.
  50. ^Morgenson, Gretchen (2009-01-10). “Indymac finds a buyer”. New York Times. Retrieved 2010-05-08.
  51. ^“Irish bank set to be nationalised”. BBC News. 2009-01-16. Retrieved 2010-05-08.
  52. ^ Jump up to:ab Kramer, Andrew E. (2009-02-03). “Kazakhstan Takes Control of 2 Banks”. The New York Times. Retrieved 2010-05-08.
  53. ^“Stanford bank in Antigua seized”. BBC News. 2009-02-21. Retrieved 2010-05-08.
  54. ^Menon, Jon (2009-03-02). “HSBC Rues Household Deal, Halts U.S. Subprime Lending”. Bloomberg News. Retrieved 2015-01-24.
  55. ^Norris, Floyd (2009-03-05). “The Deal That Fueled Subprime”. The New York Times. Retrieved 2015-01-24.
  56. ^“Subscribe to read”. Financial Times.
  57. ^“Nationwide takes over Dunfermline”. BBC News. 2009-03-30. Retrieved 2010-05-08.
  58. ^Cape Fear Bank becomes 22nd US bank failure of ’09, Associated Press, April 10, 2009.
  59. ^Regulators Close N.C., Colo. Banks, The Washington Post, April 10, 2009.
  60. ^“FDIC Failed Bank Information: Information for American Sterling Bank, Sugar Creek, MO”. Federal Deposit Insurance Corporation.
  61. ^American Southern Bank becomes year’s 26th failure, MarketWatch, April 24, 2009.
  62. ^El Universal, 8 May 2009, Banco Nacional de Credito buys Stanford Bank Venezuela SA Banco Comercial
  63. ^http://www.dresdner-bank.com/Dresdner-Bank/Facts-Figures/brief-overview/index.html.Missing or empty |title= (help)
  64. ^Venezuelanalysis, 25 May 2009, Venezuela Buys Bank of Venezuela for $US 1.05 billion
  65. ^“Gobierno ya controla el Banco de Venezuela”. El Nacional. 3 July 2009. Retrieved 26 November 2015.
  66. ^ORF Wien: Keine Bankgeschäfte mehr
  67. ^Isidore, Chris; Pepitone, Julianne (2009-08-15). “BB&T Buys Colonial Bank”. CNN. Retrieved 2015-01-24.
  68. ^“BBVA Compass buys failed Guaranty Bank”. San Francisco Business times. 2009-08-21. Retrieved 2015-01-24.
  69. ^“Colonial Bancgroup” (PDF). PacerMonitor. PacerMonitor. Retrieved June 8, 2016.
  70. ^“Austria nationalises ailing Hypo”. Reuters.
  71. ^Faillissement DSB uitgesproken (in Dutch)
  72. ^“Failed Bank Information – Information for California National Bank, Los Angeles, CA”. FDIC. 2009-10-30.
  73. ^“FDIC Failed Bank Information: AmTrust Bank, Cleveland, OH”. Federal Deposit Insurance Corporation.
  74. ^Dixon Murray, Teresa (December 4, 2009). “AmTrust Bank fails, bought by New York bank”. Cleveland Plain Dealer.
  75. ^“Treasury Pick Steven Mnuchin, Like His Would-Be Boss Donald Trump, Followed His Own Rules”. The Wall Street Journal. 2017-01-17. Retrieved 2017-01-18.
  76. ^http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
  77. ^Evans, Richard (2010-02-24). “Skipton Building Society to merge with rival Chesham”. The Daily Telegraph. London. Retrieved 2010-05-08.
  78. ^“Cajasur bank bail-out prompts euro falls”. BBC News. London. 2010-05-24. Retrieved 2010-06-01.
  79. ^Holm, Erik; Morath, Eric (2010-11-08). “Ambac Files for Bankruptcy”. The Wall Street Journal. Retrieved 2015-01-24.
  80. ^“Notas informativas”. Fondo de Reestructuración Ordenada Bancaria. 30 September 2011. Archived from the original on 26 February 2014.
  81. ^McCarty, Dawn; Church, Steven (2011-11-24). “PMI Files for Bankruptcy as Regulators Take Over Mortgage Insurer’s Unit”. Bloomberg News. Retrieved 2015-01-24.
  82. ^Stempel, Jonathan; Berkowitz, Ben (2011-11-23). “Mortgage insurer PMI Group files for bankruptcy”. Reuters. Retrieved 2015-01-24.
  83. ^McLaughlin, David (2012-06-11). “Financial Guaranty Insurance to Be Taken Over by New York”. Bloomberg News. Retrieved 2015-01-24.
  84. ^Andrews, Edmund L (September 16, 2008). “Fed’s $85 billion Loan Rescues Insurer”. The New York Times. Retrieved September 28, 2008.
  85. ^“HIGHLIGHTS-Britain nationalises Bradford & Bingley”. Reuters. 2008-09-29. Retrieved 2008-09-29.

Ofer Abarbanel online library

Ofer Abarbanel online library

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