List of banks acquired or bankrupted during the Great Recession
This is a list of financial institutions that were severely affected by the Great Recession. 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|
|October 9, 2007||ABN AMRO||Royal Bank of Scotland Fortis Grupo Santander||Diversified financial services||€70,000,000,000|
|February 22, 2008||Northern Rock||Government of the United Kingdom||Retail and mortgage bank|||
|April 1, 2008||Bear Stearns, New York City||JPMorgan Chase, New York City||Investment bank||$2,200,000,000|||
|June 7, 2008||Catholic Building Society||Chelsea Building Society||Building Society||£51,000,000|||
|July 1, 2008||Countrywide Financial, Calabasas, California||Bank of America, Charlotte, North Carolina||Mortgage lender||$4,000,000,000|||
|July 14, 2008||Alliance & Leicester||Grupo Santander||Retail and mortgage bank||£1,260,000,000|||
|August 26, 2008||Roskilde Bank||Danmarks Nationalbank (Danish Central Bank)||Retail bank||$kr4,500,000,000)896,800,000 (|||
|September 7, 2008||Fannie Mae and Freddie Mac||Federal Housing Finance Agency||Mortgage lenders||$200,000,000,000|||
|September 8, 2008||Derbyshire Building Society||Nationwide Building Society||Building society||£7,100,000,000|||
|September 8, 2008||Cheshire Building Society||Nationwide Building Society||Building society||£4,900,000,000|||
|September 14, 2008||Merrill Lynch, New York City||Bank of America, Charlotte, North Carolina||Investment bank||$44,000,000,000|||
|September 16, 2008||American International Group, New York City||United States federal governmentA||Insurance company||$182,000,000,000|||
|September 17, 2008 -||Lehman Brothers, New York City B||Barclays||Investment bank||$1,300,000,000|||
|September 18, 2008||HBOS||Lloyds TSB||Diversified financial services||$21,850,000,000|||
|September 26, 2008||Washington Mutual, Seattle, Washington||JPMorgan Chase, New York City||Savings and loan association||$1,900,000,000|||
|September 26, 2008||Lehman BrothersC||Nomura Holdings||Investment bank||$2|||
|September 28, 2008||Bradford & BingleyD|| Government of the United Kingdom (Mortgage Assets)
Grupo Santander (Savings Liabilities)
|Diversified financial services||£612,000,000|||
|September 28, 2008||Fortis|| Government of the Netherlands (Dutch assets including ABN AMRO)
BNP Paribas (Belgian and Luxembourg assets)
|Diversified financial services||€11,200,000,000|||
|September 30, 2008||Dexia||The Belgian, French and Luxembourg governments||Public finance and retail|||
|October 3, 2008||Wachovia, Charlotte, North Carolina||Wells Fargo, San Francisco, California F||Retail and investment banking||$15,000,000,000|||
|October 7, 2008||Landsbanki||Icelandic Financial Supervisory Authority||Commercial bank|||
|October 8, 2008||Glitnir||Icelandic Financial Supervisory Authority||Commercial bank|||
|October 9, 2008||Kaupthing Bank||ING Direct||Commercial bank||€1,140,000,000|||
|October 9, 2008||BankWest (subsidiary of HBOS)||Commonwealth Bank of Australia||Bank||£1,200,000,000|||
|October 13, 2008||Sovereign Bank, Wyomissing, Pennsylvania||Banco Santander SA||Bank||$1,900,000,000|||
|October 13, 2008||Royal Bank of Scotland Group (up to 81.14% Bought)||Government of the United Kingdom||Bank||£20,000,000,000|||
|October 13, 2008||HBOS (up to 43.5% Bought)||Government of the United Kingdom||Bank||£13,000,000,000|||
|October 13, 2008||Lloyds TSB (up to 43.5% Bought)||Government of the United Kingdom||Bank||£4,000,000,000|||
|October 17, 2008||UBS||Swiss National Bank and the Federal administration of Switzerland||Bank||$59,200,000,000|||
|October 22, 2008||Barnsley Building Society||Yorkshire Building Society||Building society||£376,000,000|||
|October 24, 2008||National City Bank, Cleveland, Ohio||PNC Financial Services, Pittsburgh, Pennsylvania||Bank||$5,580,000,000|||
|October 24, 2008||Commerce Bancorp, Cherry Hill, New Jersey||Toronto-Dominion Bank, Toronto, Canada||Bank||$8,500,000,000|||
|November 2, 2008||Banco Português de Negócios||Government of Portugal||Bank||€6,305,000,000|||
|November 4, 2008||Scarborough Building Society||Skipton Building Society||Building Society|||
|November 8, 2008||Parex Bank (51% controlling interest)||Government of Latvia||Bank|||
|January 10, 2009||IndyMac Federal Bank||IMB Management Holdings||Savings and loan association||$13,900,000,000|||
|January 15, 2009||Anglo Irish Bank||Government of the Republic of Ireland||Bank|||
|February 3, 2009||BTA Bank||Government of Kazakhstan||Bank||$2,100,000,000|||
|February 3, 2009||Alliance Bank||Government of Kazakhstan||Bank|||
|February 21, 2009||Bank of Antigua||Eastern Caribbean Central Bank||Bank|||
|March 9, 2009||Straumur Investment Bank||Icelandic Financial Supervisory Authority||Investment bank|||
|March 9, 2009||Dunfermline Building Society|| Bank of England (social housing loans)
Nationwide Building Society (savings, residential mortgages, branch network)
|March 29, 2009||Caja de Ahorros Castilla La Mancha||Banco de España||Savings and loan association||€9,000,000,000|||
|December 18, 2009||Philippine American Life and General Insurance Company||American International Assurance||Insurance company|||
|February 24, 2010||Chesham Building Society (100% Bought)||Skipton Building Society||Building Society||£230,000,000|||
|April 15, 2010||Banco Privado Português||Government of Portugal Bankruptcy and fraud||Bank||€41,000,000|
|May 24, 2010||CajaSur||Banco de España||Savings and loan association||€550,000,000|||
|October 31, 2011||MF Global||US Securities and Exchange Commission||Diversified financial services||$43,000,000,000|
|May 25, 2012||Bankia||Government of Spain||Savings and loan association||€19,000,000,000|
|August 3, 2014||Banco Espírito Santo divided in 'good bank' and 'bad bank'||Government of Portugal||Bank||€4,400,000,000|
- "UK government nationalised Northern rock". BBC. 2008-02-17.
- White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history", Financial Times
- Steve Hodge (2008-09-05). "Catholic society offers merger bonuses". Financial Times.
- Associated Press (2008-07-01). "Bank of America completes deal for Countrywide Financial". San Jose Mercury News.
- "Santander agrees £1.2bn A&L deal". BBC News. 14 July 2008. Retrieved 2008-07-14.
- McLaughlin, Kim; Peter Levring (2008-08-26). "Danish central bank buys out ailing Roskilde bank". Reuters (Thomson Reuters). Retrieved 2008-10-05.
- Lockhart, James B., III (2008-09-07). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. Retrieved 2008-09-07.
- "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. 2008-09-07. Retrieved 2008-09-07.[dead link]
- Goldfarb, Zachary A.; David Cho and Binyamin Appelbaum (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.
- "Mergers of Nationwide with The Derbyshire and The Cheshire Building Societies". 2008-09-08.
- "The Cheshire to merge with Nationwide". 2008-09-08.
- Matthew Karnitschnig; Carrick Mollenkamp; Dan Fitzpatrick (2008-09-14). "Bank of America Reaches Deal for Merrill". The Wall Street Journal.
- Edmund L. Andrews, et al. (2008-09-16). "Fed’s $85 Billion Loan Rescues Insurer". The New York Times.
- BBC, et al. (2008-09-17). "Judge approve 1.3 billion deal". BBC.
- AP (2008-09-18). "Lloyds TSB confirms deal to take over HBOS PLC". International Herald Tribune.
- BBC, et al. (2008-09-26). "Regulator sells WaMu to JPMorgan Chase". BBC News.
- KyodoNews (2008-09-26). "Nomura pays only $2 for Lehman Brothers European unit". JapanToday.
- "Banco Santander SA buys the banking assets of Bradford & Bingley". Bloomberg. 2008-09-29.
- "Santander scraps UK bank brands". BBC News. 2009-05-27. Retrieved 2009-05-27.
- Hosking, Patrick (2009-05-28). "Three familiar high street banks lose their names to Santander". The Times (London). Retrieved 2010-05-08.
- Clark, Nick (2008-09-30). "Fortis gets €11bn lifeline from three governments". London: The Independent. Retrieved 2008-09-30.
- "Second Belgian bank gets bail-out". BBC News. 2008-09-30. Retrieved 2008-09-30.
- David Mildenberg, Josh Fineman (2008-10-03). "Wells Fargo merger with Wachovia". Bloomberg.
- 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)
- Landsbanki Íslands, Press release: Landsbanki's Operations Continued Under Unchanged Management (October 07, 2008)
- 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)
- Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (08.10.2008)
- 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)
- Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09)
- Australian assets sale boosts HBOS funds
- "Spanish bank to buy Sovereign - $1.9B". CNN Money. 2008-10-13. Retrieved 2008-10-17.
- Royal Bank of Scotland under state control
- 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
- Costello, Miles (October 17, 2008). "UBS and Credit Suisse secure $70bn". The Times (London). Retrieved October 20, 2008.
- "Barnsley Building Society rescued". BBC News. 2008-10-22. Retrieved 2008-10-22.
- Mark Calvey (2008-10-24). "PNC buy troubled National Bank". San Francisco Business Times.
- "Canadian Bank buy Commerce". Philadelphia Business Journal. 2008-10-30.
- "Governo anuncia nacionalização do BPN". Público. 2008-11-02.
- Evans, Richard (2008-11-04). "Scarborough merger with Skipton". London: telegraph.co.uk. Retrieved 2010-05-08.
- Morgenson, Gretchen (2009-01-10). "Indymac finds a buyer". New York Times. Retrieved 2010-05-08.
- "Irish bank set to be nationalised". BBC News. 2009-01-16. Retrieved 2010-05-08.
- Kramer, Andrew E. (2009-02-03). "Kazakhstan Takes Control of 2 Banks". The New York Times. Retrieved 2010-05-08.
- "Stanford bank in Antigua seized". BBC News. 2009-02-21. Retrieved 2010-05-08.
- "Nationwide takes over Dunfermline". BBC News. 2009-03-30. Retrieved 2010-05-08.
- http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
- Evans, Richard (2010-02-24). "Skipton Building Society to merge with rival Chesham". The Daily Telegraph (London). Retrieved 2010-05-08.
- "Cajasur bank bail-out prompts euro falls". BBC News (London). 2010-05-24. Retrieved 2010-06-01.