List of banks acquired or bankrupted during the Great Recession
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.
- "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.
- Evans, Richard (2008-11-04). "Scarborough merger with Skipton". London: telegraph.co.uk. Retrieved 2010-05-08.
- Ellis, David (2008-11-23). "Citi dodges bullet". CNN.
- 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.