List of banks acquired or bankrupted during the Great Recession

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This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered around 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
April 2, 2007 United States New Century Chapter 11 bankruptcy and liquidation Mortgage lender [1]
August 6, 2007 United States American Home Mortgage Chapter 11 bankruptcy and liquidation Mortgage lender [2]
September 28, 2007 United States NetBank Netherlands ING Direct Savings and loan association $14,000,000 [3][4]
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 [5]
April 1, 2008 United States Bear Stearns, New York City United States JPMorgan Chase, New York City Investment bank $2,200,000,000 [6]
June 7, 2008 United Kingdom Catholic Building Society United Kingdom Chelsea Building Society Building Society £51,000,000 [7]
July 1, 2008 United States Countrywide Financial, Calabasas, California United States Bank of America, Charlotte, North Carolina Mortgage lender $4,000,000,000 [8]
July 14, 2008 United Kingdom Alliance & Leicester Spain Grupo Santander Retail and mortgage bank £1,260,000,000 [9]
August 26, 2008 Denmark Roskilde Bank Denmark Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000 (kr4,500,000,000) [10]
September 7, 2008 United States Fannie Mae and Freddie Mac United States Federal Housing Finance Agency Mortgage lenders $200,000,000,000 [11][12][13]
September 8, 2008 United Kingdom Derbyshire Building Society United Kingdom Nationwide Building Society Building society £7,100,000,000 [14]
September 8, 2008 United Kingdom Cheshire Building Society United Kingdom Nationwide Building Society Building society £4,900,000,000 [15]
September 14, 2008 United States Merrill Lynch, New York City United States Bank of America, Charlotte, North Carolina Investment bank $44,000,000,000 [16]
September 16, 2008 United States American International Group, New York City United States United States federal governmentA Insurance company $182,000,000,000 [17]
September 17, 2008 - United States Lehman Brothers, New York City B United Kingdom Barclays Investment bank $1,300,000,000 [18]
September 18, 2008 United Kingdom HBOS United Kingdom Lloyds TSB Diversified financial services $21,850,000,000 [19]
September 26, 2008 United States Washington Mutual, Seattle, Washington United States JPMorgan Chase, New York City Savings and loan association $1,900,000,000 [20]
September 26, 2008 United States Lehman BrothersC Japan Nomura Holdings Investment bank $2 [21]
September 28, 2008 United Kingdom Bradford & BingleyD United Kingdom Government of the United Kingdom (Mortgage Assets)
Spain Grupo Santander (Savings Liabilities)
Diversified financial services £612,000,000 [22][23][24]
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 [25]
September 30, 2008 Belgium Dexia Belgium France Luxembourg The Belgian, French and Luxembourg governments Public finance and retail [26]
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 [27]
October 7, 2008 Iceland Landsbanki Iceland Icelandic Financial Supervisory Authority Commercial bank [28][29]
October 8, 2008 Iceland Glitnir Iceland Icelandic Financial Supervisory Authority Commercial bank [30][31]
October 9, 2008 Iceland Kaupthing Bank Netherlands ING Direct Commercial bank 1,140,000,000 [32][33]
October 9, 2008 Australia BankWest (subsidiary of HBOS) Australia Commonwealth Bank of Australia Bank £1,200,000,000 [34]
October 13, 2008 United States Sovereign Bank, Wyomissing, Pennsylvania Spain Banco Santander SA Bank $1,900,000,000 [35]
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 [36][37]
October 13, 2008 United Kingdom HBOS (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £13,000,000,000 [36][37]
October 13, 2008 United Kingdom Lloyds TSB (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £4,000,000,000 [37]
October 17, 2008 Switzerland UBS Switzerland Swiss National Bank and the Federal administration of Switzerland Bank $59,200,000,000 [38]
October 22, 2008 United Kingdom Barnsley Building Society United Kingdom Yorkshire Building Society Building society £376,000,000 [39]
October 24, 2008 United States National City Bank, Cleveland, Ohio United States PNC Financial Services, Pittsburgh, Pennsylvania Bank $5,580,000,000 [40]
October 24, 2008 United States Commerce Bancorp, Cherry Hill, New Jersey Canada Toronto-Dominion Bank, Toronto, Canada Bank $8,500,000,000 [41]
November 2, 2008 Portugal Banco Português de Negócios Portugal Government of Portugal Bank 6,305,000,000 [42]
November 4, 2008 United Kingdom Scarborough Building Society United Kingdom Skipton Building Society Building Society [43]
November 8, 2008 Latvia Parex Bank (51% controlling interest) Latvia Government of Latvia Bank [44]
November 21, 2008 United States Downey Savings and Loan United States U.S. Bank Savings and loan association [45][46]
January 10, 2009 United States IndyMac Federal Bank United States IMB Management Holdings Savings and loan association $13,900,000,000 [47]
January 15, 2009 Republic of Ireland Anglo Irish Bank Republic of Ireland Government of the Republic of Ireland Bank [48]
February 3, 2009 Kazakhstan BTA Bank Kazakhstan Government of Kazakhstan Bank $2,100,000,000 [49]
February 3, 2009 Kazakhstan Alliance Bank Kazakhstan Government of Kazakhstan Bank [49]
February 21, 2009 Antigua and Barbuda Bank of Antigua Caribbean Community Eastern Caribbean Central Bank Bank [50]
March 2, 2009 United States HSBC Finance Corporation shutdown of US consumer lending Consumer finance [51][52]
March 9, 2009 Iceland Straumur Investment Bank Iceland Icelandic Financial Supervisory Authority Investment bank [53]
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 [54]
August 14, 2009 United States Colonial Bank, Alabama United States BB&T, North Carolina Bank [55]
August 21, 2009 United States Guaranty Bank, Texas Spain BBVA Compass, Alabama Savings and loan association [56]
December 18, 2009 Philippines Philippine American Life and General Insurance Company Hong Kong American International Assurance Insurance company [57]
February 24, 2010 United Kingdom Chesham Building Society United Kingdom Skipton Building Society Building Society £230,000,000 [58]
April 15, 2010 Portugal Banco Privado Português Portugal Government of Portugal Bankruptcy and fraud Bank 41,000,000
May 24, 2010 Spain CajaSur Spain Banco de España Savings and loan association 550,000,000 [59]
November 8, 2010 United States Ambac Chapter 11 bankruptcy and restructuring Insurance company [60]
October 31, 2011 United States MF Global United States US Securities and Exchange Commission Diversified financial services $43,000,000,000
November 23, 2011 United States PMI Group United States State of Arizona Insurance company [61][62]
May 25, 2012 Spain Bankia Spain Government of Spain Savings and loan association 19,000,000,000
June 11, 2012 United States FGIC United States State of New York Insurance company [63]

See also[edit]

References[edit]

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  2. ^ "American Home Mortgage Seeks Chapter 11 Bankruptcy Protection". Associated Press. 2007-08-07. Retrieved 2015-01-24. 
  3. ^ "Online Bank Fails, and Regulators Shut It". Associated Press. 2007-09-28. Retrieved 2015-01-24. 
  4. ^ "ING wins from online bank failure". BBC News. 2007-09-30. Retrieved 2015-01-24. 
  5. ^ "UK government nationalised Northern rock". BBC. 2008-02-17. 
  6. ^ White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history", Financial Times 
  7. ^ Steve Hodge (2008-09-05). "Catholic society offers merger bonuses". Financial Times. 
  8. ^ Associated Press (2008-07-01). "Bank of America completes deal for Countrywide Financial". San Jose Mercury News. 
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  29. ^ Landsbanki Íslands, Press release: Landsbanki's Operations Continued Under Unchanged Management (October 07, 2008)
  30. ^ 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)
  31. ^ Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (08.10.2008)
  32. ^ 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)
  33. ^ Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09)
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  37. ^ 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
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  44. ^ http://www.baltictimes.com/news/articles/26699/
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  49. ^ a b Kramer, Andrew E. (2009-02-03). "Kazakhstan Takes Control of 2 Banks". The New York Times. Retrieved 2010-05-08. 
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  56. ^ "BBVA Compass buys failed Guaranty Bank". San Francisco Business times. 2009-08-21. Retrieved 2015-01-24. 
  57. ^ http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
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  59. ^ "Cajasur bank bail-out prompts euro falls". BBC News (London). 2010-05-24. Retrieved 2010-06-01. 
  60. ^ Holm, Erik; Morath, Eric (2010-11-08). "Ambac Files for Bankruptcy". The Wall Street Journal. Retrieved 2015-01-24. 
  61. ^ 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. 
  62. ^ Stempel, Jonathan; Berkowitz, Ben (2011-11-23). "Mortgage insurer PMI Group files for bankruptcy". Reuters. Retrieved 2015-01-24. 
  63. ^ McLaughlin, David (2012-06-11). "Financial Guaranty Insurance to Be Taken Over by New York". Bloomberg News. Retrieved 2015-01-24.