List of banks acquired or bankrupted during the Great Recession

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This is a list of financial institutions that have been affected by the Great Recession. 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 legislation has been used to seize assets of the Icelandic banks, the Government of Iceland and the Icelandic central bank in the UK.

Acquisitions[edit]

Date acquisition is announced Acquired company Acquirer Type of company acquired Value (USD, EUR and GBP) Reference
October 9, 2007 Netherlands ABN AMRO United Kingdom Belgium Spain Royal Bank of Scotland Fortis Grupo Santander Diversified financial services 70,000,000,000
February 22, 2008 United Kingdom Northern Rock United Kingdom Government of the United Kingdom Retail and mortgage bank [1]
April 1, 2008 United States Bear Stearns, New York City United States JPMorgan Chase, New York City Investment bank $2,200,000,000 [2]
June 7, 2008 United Kingdom Catholic Building Society United Kingdom Chelsea Building Society Building Society £51,000,000 [3]
July 1, 2008 United States Countrywide Financial, Calabasas, California United States Bank of America, Charlotte, North Carolina Subprime mortgage lender $4,000,000,000 [4]
July 14, 2008 United Kingdom Alliance & Leicester Spain Grupo Santander retail and mortgage bank £1,260,000,000 [5]
August 26, 2008 Denmark Roskilde Bank Denmark Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000 (kr4,500,000,000) [6]
September 7, 2008 United States Fannie Mae and Freddie Mac United States Federal Housing Finance Agency Subprime mortgage lender [7][8][9]
September 8, 2008 United Kingdom Derbyshire Building Society United Kingdom Nationwide Building Society Building society £7,100,000,000 [10]
September 8, 2008 United Kingdom Cheshire Building Society United Kingdom Nationwide Building Society Building society £4,900,000,000 [11]
September 14, 2008 United States Merrill Lynch, New York City United States Bank of America, Charlotte, North Carolina Investment bank $44,000,000,000 [12]
September 16, 2008 United States American International Group, New York City United States United States federal governmentA Insurance company $182,000,000,000 [13]
September 17, 2008 - United States Lehman Brothers, New York City B United Kingdom Barclays plc Investment bank $1,300,000,000 [14]
September 18, 2008 United Kingdom HBOS United Kingdom Lloyds TSB Diversified financial services $21,850,000,000 [15]
September 26, 2008 United States Washington Mutual, Seattle, Washington United States JPMorgan Chase, New York City Savings and loan association $1,900,000,000 [16]
September 26, 2008 United States Lehman BrothersC Japan Nomura Holdings Investment bank $2 [17]
September 28, 2008 United Kingdom Bradford & BingleyD United Kingdom Government of the United Kingdom (Mortgage Assets)
Spain Grupo Santander (Savings Liabilities)
Diversified financial services £12,000,000 [18][19][20]
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 11,200,000,000 [21]
September 30, 2008 Belgium Dexia Belgium France Luxembourg The Belgian, French and Luxembourg governments Public finance and retail [22]
October 3, 2008 United States Wachovia, Charlotte, North Carolina United States Wells Fargo, San Francisco, California F Retail and investment banking $15,000,000,000 [23]
October 7, 2008 Iceland Landsbanki Iceland Icelandic Financial Supervisory Authority Commercial bank [24][25]
October 8, 2008 Iceland Glitnir Iceland Icelandic Financial Supervisory Authority Commercial bank [26][27]
October 9, 2008 Iceland Kaupthing Bank Iceland Icelandic Financial Supervisory Authority Commercial bank [28][29]
October 9, 2008 Australia BankWest (subsidiary of HBOS) Australia Commonwealth Bank of Australia Bank £1,200,000,000 [30]
October 13, 2008 United States Sovereign Bank, Wyomissing, Pennsylvania Spain Banco Santander SA Bank $1,900,000,000 [31]
October 13, 2008 United Kingdom Royal Bank of Scotland Group (up to 81.14% Bought) United Kingdom Government of the United Kingdom Bank £20,000,000,000 [32][33]
October 13, 2008 United Kingdom HBOS (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £13,000,000,000 [32][33]
October 13, 2008 United Kingdom Lloyds TSB (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £4,000,000,000 [33]
October 17, 2008 Switzerland UBS Switzerland Swiss National Bank and the Federal administration of Switzerland Bank $59,200,000,000 [34]
October 22, 2008 United Kingdom Barnsley Building Society United Kingdom Yorkshire Building Society Building society £376,000,000 [35]
October 24, 2008 United States National City Bank, Cleveland, Ohio United States PNC Financial Services, Pittsburgh, Pennsylvania Bank $5,580,000,000 [36]
October 24, 2008 United States Commerce Bancorp, Cherry Hill, New Jersey Canada Toronto-Dominion Bank, Toronto, Canada Bank $8,500,000,000 [37]
November 4, 2008 United Kingdom Scarborough Building Society United Kingdom Skipton Building Society Building Society [38]
November 8, 2008 Latvia Parex Bank (51% controlling interest) Latvia Government of Latvia Bank [39]
November 23, 2008 United States Citigroup, New York City United States United States Federal GovernmentA Bank $300,000,000,000+ [40][41]
January 10, 2009 United States IndyMac Federal Bank United States IMB Management Holdings Savings and loan association $13,900,000,000 [42]
January 15, 2009 Republic of Ireland Anglo Irish Bank Republic of Ireland Government of the Republic of Ireland Bank [43]
February 3, 2009 Kazakhstan BTA Bank Kazakhstan Government of Kazakhstan Bank $2,100,000,000 [44]
February 3, 2009 Kazakhstan Alliance Bank Kazakhstan Government of Kazakhstan Bank [44]
February 21, 2009 Antigua and Barbuda Bank of Antigua Caribbean Community Eastern Caribbean Central Bank Bank [45]
March 9, 2009 Iceland Straumur Investment Bank Iceland Icelandic Financial Supervisory Authority Investment bank [46]
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 [47]
March 29, 2009 Spain Caja de Ahorros Castilla La Mancha Spain Banco de España Savings and loan association 9,000,000,000 [48]
December 18, 2009 Philippines Philippine American Life and General Insurance Company Hong Kong American International Assurance Insurance company [49]
February 24, 2010 United Kingdom Chesham Building Society (100% Bought) United Kingdom Skipton Building Society Building Society £230,000,000 [50]
May 24, 2010 Spain CajaSur Spain Banco de España Savings and loan association 550,000,000 [51]
October 31, 2011 United States MF Global United States US Securities and Exchange Commission Diversified financial services $43,000,000,000
May 25, 2012 Spain Bankia Spain Government of Spain Savings and loan association 19,000,000,000

References[edit]

  1. ^ "UK government nationalised Northern rock". BBC. 2008-02-17. 
  2. ^ White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history", Financial Times 
  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. ^ "Santander agrees £1.2bn A&L deal". BBC News. 14 July 2008. Retrieved 2008-07-14. 
  6. ^ McLaughlin, Kim; Peter Levring (2008-08-26). "Danish central bank buys out ailing Roskilde bank". Reuters (Thomson Reuters). Retrieved 2008-10-05. 
  7. ^ Lockhart, James B., III (2008-09-07). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. Retrieved 2008-09-07. 
  8. ^ "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. 2008-09-07. Retrieved 2008-09-07. [dead link]
  9. ^ 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. 
  10. ^ "Mergers of Nationwide with The Derbyshire and The Cheshire Building Societies". 2008-09-08. 
  11. ^ "The Cheshire to merge with Nationwide". 2008-09-08. 
  12. ^ Matthew Karnitschnig; Carrick Mollenkamp; Dan Fitzpatrick (2008-09-14). "Bank of America Reaches Deal for Merrill". The Wall Street Journal. 
  13. ^ Edmund L. Andrews, et al. (2008-09-16). "Fed’s $85 Billion Loan Rescues Insurer". The New York Times. 
  14. ^ BBC, et al. (2008-09-17). "Judge approve 1.3 billion deal". BBC. 
  15. ^ AP (2008-09-18). "Lloyds TSB confirms deal to take over HBOS PLC". International Herald Tribune. 
  16. ^ BBC, et al. (2008-09-26). "Regulator sells WaMu to JPMorgan Chase". BBC News. 
  17. ^ KyodoNews (2008-09-26). "Nomura pays only $2 for Lehman Brothers European unit". JapanToday. 
  18. ^ "Banco Santander SA buys the banking assets of Bradford & Bingley". Bloomberg. 2008-09-29. 
  19. ^ "Santander scraps UK bank brands". BBC News. 2009-05-27. Retrieved 2009-05-27. 
  20. ^ Hosking, Patrick (2009-05-28). "Three familiar high street banks lose their names to Santander". The Times (London). Retrieved 2010-05-08. 
  21. ^ Clark, Nick (2008-09-30). "Fortis gets €11bn lifeline from three governments". London: The Independent. Retrieved 2008-09-30. 
  22. ^ "Second Belgian bank gets bail-out". BBC News. 2008-09-30. Retrieved 2008-09-30. 
  23. ^ David Mildenberg, Josh Fineman (2008-10-03). "Wells Fargo merger with Wachovia". Bloomberg. 
  24. ^ 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)
  25. ^ Landsbanki Íslands, Press release: Landsbanki's Operations Continued Under Unchanged Management (October 07, 2008)
  26. ^ 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)
  27. ^ Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (08.10.2008)
  28. ^ 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)
  29. ^ Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09)
  30. ^ Australian assets sale boosts HBOS funds
  31. ^ "Spanish bank to buy Sovereign - $1.9B". CNN Money. 2008-10-13. Retrieved 2008-10-17. 
  32. ^ a b Royal Bank of Scotland under state control
  33. ^ a b 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
  34. ^ Costello, Miles (October 17, 2008). "UBS and Credit Suisse secure $70bn". The Times (London). Retrieved October 20, 2008. 
  35. ^ "Barnsley Building Society rescued". BBC News. 2008-10-22. Retrieved 2008-10-22. 
  36. ^ Mark Calvey (2008-10-24). "PNC buy troubled National Bank". San Francisco Business Times. 
  37. ^ "Canadian Bank buy Commerce". Philadelphia Business Journal. 2008-10-30. 
  38. ^ Evans, Richard (2008-11-04). "Scarborough merger with Skipton". London: telegraph.co.uk. Retrieved 2010-05-08. 
  39. ^ http://www.baltictimes.com/news/articles/26699/
  40. ^ Ellis, David (2008-11-23). "Citi dodges bullet". CNN. 
  41. ^ http://www.federalreserve.gov/newsevents/press/bcreg/20081123a.htm
  42. ^ Morgenson, Gretchen (2009-01-10). "Indymac finds a buyer". New York Times. Retrieved 2010-05-08. 
  43. ^ "Irish bank set to be nationalised". BBC News. 2009-01-16. Retrieved 2010-05-08. 
  44. ^ a b Kramer, Andrew E. (2009-02-03). "Kazakhstan Takes Control of 2 Banks". The New York Times. Retrieved 2010-05-08. 
  45. ^ "Stanford bank in Antigua seized". BBC News. 2009-02-21. Retrieved 2010-05-08. 
  46. ^ http://www.ft.com/cms/s/0/22db4400-0c86-11de-a555-0000779fd2ac.html
  47. ^ "Nationwide takes over Dunfermline". BBC News. 2009-03-30. Retrieved 2010-05-08. 
  48. ^ http://news.yahoo.com/s/afp/20090329/bs_afp/spainfinancebankingbankcompanycastilla3rdlead
  49. ^ http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
  50. ^ Evans, Richard (2010-02-24). "Skipton Building Society to merge with rival Chesham". The Daily Telegraph (London). Retrieved 2010-05-08. 
  51. ^ "Cajasur bank bail-out prompts euro falls". BBC News (London). 2010-05-24. Retrieved 2010-06-01.