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List of banks acquired or bankrupted during the Great Recession

From Wikipedia, the free encyclopedia

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, EUR and GBP) Reference
January 3, 2007 United States Ownit Mortgage Solutions Chapter 11 bankruptcy and liquidation Mortgage lender
January 29, 2007 United States American Freedom Mortgage Chapter 11 bankruptcy and liquidation Mortgage lender
February 21, 2007 Northern Cyprus First Merchant Bank withdrawal of the concession Offshore bank [1]
April 2, 2007 United States New Century Chapter 11 bankruptcy and liquidation Mortgage lender [2]
August 6, 2007 United States American Home Mortgage Chapter 11 bankruptcy and liquidation Mortgage lender [3]
August 31, 2007 United States Ameriquest Mortgage Chapter 11 bankruptcy and liquidation Largest Subprime Mortgage lender
September 28, 2007 United States NetBank Netherlands ING Direct Savings and loan association $14,000,000 [4][5]
October 9, 2007 Netherlands ABN AMRO United Kingdom Belgium Spain Royal Bank of Scotland Fortis Grupo Santander Diversified financial services €7×10^10
January 1, 2008
(became Subsidiary) 		Germany Landesbank Sachsen Germany Landesbank Baden-Württemberg Landesbank €328,000,000 [6]
February 22, 2008 United Kingdom Northern Rock United Kingdom Government of the United Kingdom Retail and mortgage bank [7]
April 1, 2008 United States Bear Stearns, New York City United States JPMorgan Chase, New York City Investment bank $2.2×10^9 [8]
June 7, 2008 United Kingdom Catholic Building Society United Kingdom Chelsea Building Society Building Society £51,000,000 [9]
July 1, 2008 United States Countrywide Financial, Calabasas, California United States Bank of America, Charlotte, North Carolina Mortgage lender $4×10^9 [10]
July 14, 2008 United Kingdom Alliance & Leicester Spain Grupo Santander Retail and mortgage bank £1.26×10^9 [11]
August 26, 2008 Denmark Roskilde Bank Denmark Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000 (kr4,500,000,000) [12]
September 5, 2008 United States Silver State Bank United States Federal Deposit Insurance Corporation Commercial bank [13]
September 7, 2008 United States Fannie Mae and Freddie Mac United States Federal Housing Finance Agency Secondary Mortgage Market $2×10^11 [14][15][16]
September 8, 2008 United Kingdom Derbyshire Building Society United Kingdom Nationwide Building Society Building society £7.1×10^9 [17]
September 8, 2008 United Kingdom Cheshire Building Society United Kingdom Nationwide Building Society Building society £4.9×10^9 [18]
September 14, 2008 United States Merrill Lynch, New York City United States Bank of America, Charlotte, North Carolina Investment bank $4.4×10^10 [19]
September 16, 2008 United States American International Group, New York City United States Federal government of the United StatesA Insurance company $1.82×10^11 [20]
September 17, 2008 United States Lehman Brothers, New York City B United Kingdom Barclays Investment bank $1.3×10^9 [21]
September 18, 2008 United Kingdom HBOS United Kingdom Lloyds TSB Diversified financial services $2.185×10^10 [22]
September 26, 2008 United States Washington Mutual, Seattle United States JPMorgan Chase, New York City Savings and loan association $1.9×10^9 [23]
September 26, 2008 United States Lehman BrothersC Japan Nomura Holdings Investment bank $600,000,000 [24]
September 28, 2008 United Kingdom Bradford & BingleyD United Kingdom Government of the United Kingdom (Mortgage Assets)
Spain Banco Santander (Savings Liabilities) 		Diversified financial services £612,000,000 [25][26][27]
September 28, 2008 Belgium Netherlands Luxembourg Fortis Netherlands Government of the Netherlands (Dutch assets including ABN AMRO)
France BNP Paribas (Belgian and Luxembourg assets) 		Diversified financial services €1.12×10^10 [28]
September 30, 2008 Belgium Dexia Belgium France Luxembourg The Belgian, French and Luxembourg governments Public finance and retail [29]
October 3, 2008 United States Wachovia, Charlotte, North Carolina United States Wells Fargo, San Francisco, California Retail and investment banking $1.5×10^10 [30]
October 7, 2008 Iceland Landsbanki Iceland Icelandic Financial Supervisory Authority Commercial bank [31][32]
October 8, 2008 Iceland Glitnir Iceland Icelandic Financial Supervisory Authority Commercial bank [33][34]
October 9, 2008 Iceland Kaupthing BankE Iceland Icelandic Financial Supervisory Authority
NetherlandsUnited Kingdom ING Direct United Kingdom 		Commercial bank €1.14×10^9 [35][36]
October 9, 2008 Australia Bankwest (subsidiary of HBOS) Australia Commonwealth Bank Bank £1.2×10^9 [37]
October 13, 2008 United States Sovereign Bank, Wyomissing, Pennsylvania Spain Banco Santander Bank $1.9×10^9 [38]
October 13, 2008 United Kingdom Royal Bank of Scotland Group (up to 81.14% Bought) United Kingdom Government of the United Kingdom Bank £2×10^10 [39]
October 13, 2008 United Kingdom HBOS (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £1.3×10^10 [39]
October 13, 2008 United Kingdom Lloyds TSB (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £4×10^9 [citation needed]
October 17, 2008 Switzerland UBS Switzerland Swiss National Bank and the Federal administration of Switzerland Bank $5.92×10^10 [40]
October 22, 2008 United Kingdom Barnsley Building Society United Kingdom Yorkshire Building Society Building society £376,000,000 [41]
October 24, 2008 United States National City Bank, Cleveland, Ohio United States PNC Financial Services, Pittsburgh, Pennsylvania Bank $5.58×10^9 [42]
October 24, 2008 United States Commerce Bancorp, Cherry Hill, New Jersey Canada Toronto-Dominion Bank, Toronto, Ontario Bank $8.5×10^9 [43]
November 2, 2008 Portugal Banco Português de Negócios Portugal Government of Portugal Bank €6.305×10^9 [44]
November 4, 2008 United Kingdom Scarborough Building Society United Kingdom Skipton Building Society Building Society [45]
November 8, 2008 Latvia Parex Bank (51% controlling interest) Latvia Government of Latvia Bank [46]
November 21, 2008 United States Downey Savings and Loan United States US Bancorp Savings and loan association [47][48]
November 2008 United Kingdom London Scottish Bank Bank [49]
January 10, 2009 United States IndyMac United States IMB Management Holdings Savings and loan association $1.39×10^10 [50]
January 15, 2009 Republic of Ireland Anglo Irish Bank Republic of Ireland Government of Ireland Bank [51]
February 3, 2009 Kazakhstan BTA Bank Kazakhstan Government of Kazakhstan Bank $2.1×10^9 [52]
February 3, 2009 Kazakhstan Alliance Bank Kazakhstan Government of Kazakhstan Bank [52]
February 21, 2009 Antigua and Barbuda Bank of Antigua Caribbean Community Eastern Caribbean Central Bank Bank [53]
March 2, 2009 United States HSBC Finance shutdown of US consumer lending Consumer finance [54][55]
March 9, 2009 Iceland Straumur Investment Bank Iceland Icelandic Financial Supervisory Authority Investment bank [56]
March 9, 2009 United Kingdom Dunfermline Building Society United Kingdom Bank of England (social housing loans)
United Kingdom Nationwide Building Society (savings, residential mortgages, branch network) 		Building Society [57]
April 10, 2009 United States Cape Fear Bank Chapter 11 bankruptcy and liquidation financial company [58]
April 10, 2009 United States New Frontier Bank Chapter 11 bankruptcy and liquidation Bank [59]
April 17, 2009 United States American Sterling Bank United States Metcalf Bank Bank [60]
April 24, 2009 United States American Southern Bank United States Georgia Department of Banking and Finance Bank $216,600,000 [61]
May 8, 2009 Venezuela Stanford Bank Venezuela Venezuela Banco Nacional de Crédito Bank $111,000,000
May 11, 2009 Germany Dresdner Bank Germany Commerzbank Bank [62]
May 22, 2009 Venezuela Banco de Venezuela Venezuela Government of Venezuela Universal bank $1.05×10^9 [63]
May 28, 2009 Austria Bank Medici withdrawal of the concession Bank [64]
August 14, 2009 United States Colonial Bank, Alabama United States BB&T, North Carolina Bank [65]
August 21, 2009 United States Guaranty Bank, Texas Spain BBVA Compass, Alabama Savings and loan association [66]
September 25, 2009 United States Colonial Bancgroup Chapter 11 bankruptcy and liquidation Bank holding company [67]
October 5, 2009 Austria Hypo Alpe Adria Bank Austria Government of Austria Bank, Mortgage lender [68]
October 21, 2009 Netherlands DSB Bank Bank, Insurance [69]
October 30, 2009 United States Cal National Bank United States US Bancorp Consumer and business bank [70]
December 4, 2009 United States AmTrust Bank United States New York Community Bank Bank [71][72]
December 14, 2009 Germany Hypo Real Estate Germany Government of Germany Bank, Mortgage lender
December 18, 2009 United States First Federal Bank of California United States OneWest Bank, California Savings and loan association $5×10^9 [73]
December 18, 2009 Philippines Philippine American Life and General Insurance Company Hong Kong American International Assurance Insurance company [74]
February 24, 2010 United Kingdom Chesham Building Society United Kingdom Skipton Building Society Building Society £230,000,000 [75]
April 15, 2010 Portugal Banco Privado Português Portugal Government of Portugal Bankruptcy and fraud Bank €41,000,000
April 30, 2010 United States EuroBancshares United States OFG Bancorp Universal bank
May 24, 2010 Spain CajaSur Spain Banco de España Savings and loan association €550,000,000 [76]
November 8, 2010 United States Ambac Chapter 11 bankruptcy and restructuring Insurance company [77]
March 17, 2011 Philippines Banco Filipino Philippines Philippine Deposit Insurance Corporation Savings and loan association $191,800,000 (₱8,400,000,000)
September 30, 2011 Spain CatalunyaCaixa Spain Government of Spain Savings and loan association [78]
October 31, 2011 United States MF Global United States US Securities and Exchange Commission Diversified financial services $4.3×10^10
November 23, 2011 United States PMI Group United States State of Arizona Insurance company [79][80]
April 27, 2012 Philippines Exportbank Philippines Philippine Deposit Insurance Corporation Commercial bank $18,000,000 (₱750,000,000)
May 25, 2012 Spain Bankia Spain Government of Spain Savings and loan association €1.9×10^10
June 11, 2012 United States FGIC United States New York State Insurance Department Insurance company [81]
June 30, 2012 Germany Western German state Bank Germany Portigon Financial Services
(legal successor) 		Landesbank

See also

[edit]

Notes

[edit]
  • ^A Acquired a nearly 80% share in exchange for a US$85 billion loan.[82]
  • ^B Only trading assets, trading liabilities, and head offices were acquired.[21]
  • ^C Only European and Middle Eastern equities and investment banking operations were acquired.[24]
  • ^D Grupo Santander only acquired the savings portion of Bradford & Bingley; the company's loan portfolio was nationalised by the UK government.[83]
  • ^E The Financial Supervisory Authority took control of the board of directors while Kaupthing Edge, its Internet bank, was taken over by ING Direct UK.[84]

References

[edit]
  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". New York Times. 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. ^ "Eigentümer einigen sich auf Rettung der Sachsen LB". Der Spiegel. 2007-12-13.
  7. ^ "UK government nationalised Northern rock". BBC News. 2008-02-17.
  8. ^ White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history", Financial Times
  9. ^ Steve Hodge (2008-09-05). "Catholic society offers merger bonuses". Financial Times.
  10. ^ "Bank of America completes deal for Countrywide Financial". San Jose Mercury News. Associated Press. 2008-07-01.
  11. ^ "Santander agrees £1.2bn A&L deal". BBC News. 14 July 2008. Retrieved 2008-07-14.
  12. ^ McLaughlin, Kim; Peter Levring (2008-08-26). "Danish central bank buys out ailing Roskilde bank". Reuters. Thomson Reuters. Retrieved 2008-10-05.
  13. ^ "FDIC: Failed Bank Information – Bank Closing Information for Silver State Bank, Henderson, NV".
  14. ^ 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.
  15. ^ "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. 2008-09-07. Archived from the original on September 9, 2008.{{cite news}}: CS1 maint: unfit URL (link)
  16. ^ 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.
  17. ^ "Mergers of Nationwide with The Derbyshire and The Cheshire Building Societies". 2008-09-08. Archived from the original on 2008-09-19.
  18. ^ "The Cheshire to merge with Nationwide". 2008-09-08. Archived from the original on 2008-09-10.
  19. ^ Matthew Karnitschnig; Carrick Mollenkamp; Dan Fitzpatrick (2008-09-14). "Bank of America Reaches Deal for Merrill". Wall Street Journal.
  20. ^ Edmund L. Andrews; et al. (2008-09-16). "Fed's $85 Billion Loan Rescues Insurer". The New York Times.
  21. ^ a b "Judge approve 1.3 billion deal". BBC News. 2008-09-17.
  22. ^ AP (2008-09-18). "Lloyds TSB confirms deal to take over HBOS PLC". International Herald Tribune.
  23. ^ "Regulator sells WaMu to JPMorgan Chase". BBC News. 2008-09-26.
  24. ^ a b KyodoNews (2008-09-26). "Nomura pays only $2 for Lehman Brothers European unit". Japan Today. Archived from the original on 2011-06-05. Retrieved 2008-09-27.
  25. ^ "Banco Santander SA buys the banking assets of Bradford & Bingley". Bloomberg. 2008-09-29.
  26. ^ "Santander scraps UK bank brands". BBC News. 2009-05-27. Retrieved 2009-05-27.
  27. ^ Hosking, Patrick (2009-05-28). "Three familiar high street banks lose their names to Santander". The Times. London. Archived from the original on June 12, 2011. Retrieved 2010-05-08.
  28. ^ Clark, Nick (2008-09-30). "Fortis gets €11bn lifeline from three governments". The Independent. London. Archived from the original on December 5, 2008. Retrieved 2008-09-30.
  29. ^ "Second Belgian bank gets bail-out". BBC News. 2008-09-30. Retrieved 2008-09-30.
  30. ^ David Mildenberg, Josh Fineman (2008-10-03). "Wells Fargo merger with Wachovia". Bloomberg.
  31. ^ 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 (7 October 2008) Archived 2008-10-10 at the Wayback Machine
  32. ^ "Landsbanki Íslands, Press release: Landsbanki's Operations Continued Under Unchanged Management (October 07, 2008)". Archived from the original on October 8, 2008. Retrieved October 9, 2008.
  33. ^ 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 (8 October 2008) Archived 2008-10-16 at the Wayback Machine
  34. ^ "Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (8 October 2008)". Archived from the original on 14 October 2008. Retrieved 11 February 2021.
  35. ^ 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 (9 October 2008) Archived 2008-10-14 at the Wayback Machine
  36. ^ Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09) Archived 2008-10-12 at the Wayback Machine
  37. ^ Morris, Martin (8 October 2008). "Australian assets sale boosts HBOS funds". The Daily Telegraph. Archived from the original on October 16, 2008.
  38. ^ "Spanish bank to buy Sovereign - $1.9B". CNN Money. 2008-10-13. Retrieved 2008-10-17.
  39. ^ a b "The Times & The Sunday Times". thetimes.co.uk.
  40. ^ Costello, Miles (October 17, 2008). "UBS and Credit Suisse secure $70bn". The Times. London. Archived from the original on June 11, 2011. 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: The Daily Telegraph. Archived from the original on November 6, 2008. 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. Archived from the original on June 12, 2011. 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. ^ a b 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.
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  56. ^ Ibison, David (2009-03-09). "Iceland nationalises Straumur-Burdaras". 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, Washington Post, April 10, 2009.
  60. ^ "FDIC Failed Bank Information: Information for American Sterling Bank, Sugar Creek, MO". Federal Deposit Insurance Corporation.
  61. ^ Witkowski, Wallace (April 24, 2009). "American Southern Bank becomes year's 26th failure". marketwatch.com.
  62. ^ "Die Bank für Privat- und Unternehmerkunden – Commerzbank".
  63. ^ "Gobierno ya controla el Banco de Venezuela". El Nacional. 3 July 2009. Archived from the original on 20 January 2012. Retrieved 26 November 2015.
  64. ^ ORF Wien: Keine Bankgeschäfte mehr Archived 2009-05-31 at the Wayback Machine
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  66. ^ "BBVA Compass buys failed Guaranty Bank". San Francisco Business times. 2009-08-21. Retrieved 2015-01-24.
  67. ^ "Colonial Bancgroup" (PDF). PacerMonitor. Retrieved June 8, 2016.
  68. ^ "Austria nationalises ailing Hypo". Reuters.
  69. ^ "Faillissement DSB uitgesproken (in Dutch)". Archived from the original on 2009-10-20. Retrieved 2018-09-19.
  70. ^ "Failed Bank Information – Information for California National Bank, Los Angeles, CA". FDIC. 2009-10-30.
  71. ^ "FDIC Failed Bank Information: AmTrust Bank, Cleveland, OH". Federal Deposit Insurance Corporation.
  72. ^ Dixon Murray, Teresa (December 4, 2009). "AmTrust Bank fails, bought by New York bank". Cleveland Plain Dealer.
  73. ^ "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.
  74. ^ http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
  75. ^ Evans, Richard (2010-02-24). "Skipton Building Society to merge with rival Chesham". The Daily Telegraph. London. Retrieved 2010-05-08.
  76. ^ "Cajasur bank bail-out prompts euro falls". BBC News. London. 2010-05-24. Retrieved 2010-06-01.
  77. ^ Holm, Erik; Morath, Eric (2010-11-08). "Ambac Files for Bankruptcy". The Wall Street Journal. Retrieved 2015-01-24.
  78. ^ "Notas informativas". Fondo de Reestructuración Ordenada Bancaria. 30 September 2011. Archived from the original on 26 February 2014.
  79. ^ 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.
  80. ^ Stempel, Jonathan; Berkowitz, Ben (2011-11-23). "Mortgage insurer PMI Group files for bankruptcy". Reuters. Retrieved 2015-01-24.
  81. ^ McLaughlin, David (2012-06-11). "Financial Guaranty Insurance to Be Taken Over by New York". Bloomberg News. Retrieved 2015-01-24.
  82. ^ Andrews, Edmund L (September 16, 2008). "Fed's $85 billion Loan Rescues Insurer". The New York Times. Retrieved September 28, 2008.
  83. ^ "HIGHLIGHTS-Britain nationalises Bradford & Bingley". Reuters. 2008-09-29. Retrieved 2008-09-29.
  84. ^ Young, Brett (9 October 2008). "Shellshocked Iceland takes control of biggest bank". Reuters. Retrieved 9 October 2008.
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