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.

Contents

Acquisitions [edit]

Date acquisition is announced Acquired company Acquirer Type of company acquired Value (USD, EUR and GBP) References
02008-02-22February 22, 2008 United Kingdom Northern Rock United Kingdom Government of the United Kingdom retail and mortgage bank [1]
02008-04-01April 1, 2008 United States Bear Stearns, New York City United States JPMorgan Chase, New York City Investment bank $70092200000000000002,200,000,000 [2]
02008-06-07June 7, 2008 United Kingdom Catholic Building Society United Kingdom Chelsea Building Society Building Society £700751000000000000051,000,000 [3]
02008-07-01July 1, 2008 United States Countrywide Financial, Calabasas, California United States Bank of America, Charlotte, North Carolina Subprime mortgage lender $70094000000000000004,000,000,000 [4]
02008-07-14July 14, 2008 United Kingdom Alliance & Leicester Spain Grupo Santander retail and mortgage bank £70091260000000000001,260,000,000 [5]
02008-08-26August 26, 2008 Denmark Roskilde Bank Denmark Danmarks Nationalbank (Danish Central Bank) Retail bank $7008896800000000000896,800,000 (kr4,500,000,000) [6]
02008-09-07September 7, 2008 United States Fannie Mae and Freddie Mac United States Federal Housing Finance Agency Subprime mortgage lender [7][8][9]
02008-09-08September 8, 2008 United Kingdom Derbyshire Building Society United Kingdom Nationwide Building Society Building society £70097100000000000007,100,000,000 [10]
02008-09-08September 8, 2008 United Kingdom Cheshire Building Society United Kingdom Nationwide Building Society Building society £70094900000000000004,900,000,000 [11]
02008-09-14September 14, 2008 United States Merrill Lynch, New York City United States Bank of America, Charlotte, North Carolina Investment bank $701044000000000000044,000,000,000 [12]
02008-09-16September 16, 2008 - Presumed United States American International Group, New York City United States United States federal governmentA Insurance company $7011182000000000000182,000,000,000 [13]
02008-09-17September 17, 2008 - United States Lehman Brothers, New York City B United Kingdom Barclays plc Investment bank $70091300000000000001,300,000,000 [14]
02008-09-18September 18, 2008 United Kingdom HBOS United Kingdom Lloyds TSB Diversified financial services $701021850000000000021,850,000,000 [15]
02008-09-26September 26, 2008 United States Washington Mutual, Seattle, Washington United States JPMorgan Chase, New York City Savings and loan association $70091900000000000001,900,000,000 [16]
02008-09-26September 26, 2008 United States Lehman BrothersC Japan Nomura Holdings Investment bank $70002000000000000002 [17]
02008-09-28September 28, 2008 United Kingdom Bradford & BingleyD United Kingdom Government of the United Kingdom (Mortgage Assets)
Spain Grupo Santander (Savings Liabilities)		 Diversified financial services £700712000000000000012,000,000 [18][19][20]
02008-09-28September 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 €701011200000000000011,200,000,000 [21]
02008-09-30September 30, 2008 Belgium Dexia Belgium France Luxembourg The Belgian, French and Luxembourg governments Public finance and retail [22]
02008-10-03October 3, 2008 United States Wachovia, Charlotte, North Carolina United States Wells Fargo, San Francisco, California F Retail and investment banking $701015000000000000015,000,000,000 [23]
02008-10-07October 7, 2008 Iceland Landsbanki Iceland Icelandic Financial Supervisory Authority Commercial Bank [24][25]
02008-10-08October 8, 2008 Iceland Glitnir Iceland Icelandic Financial Supervisory Authority Commercial bank [26][27]
02008-10-09October 9, 2008 Iceland Kaupthing Bank Iceland Icelandic Financial Supervisory Authority Commercial bank [28][29]
02008-10-09October 9, 2008 Australia BankWest (subsidiary of HBOS) Australia Commonwealth Bank of Australia Bank £70091200000000000001,200,000,000 [30]
02008-10-13October 13, 2008 United States Sovereign Bank, Wyomissing, Pennsylvania Spain Banco Santander SA Bank $70091900000000000001,900,000,000 [31]
02008-10-22October 22, 2008 United Kingdom Barnsley Building Society United Kingdom Yorkshire Building Society Building society £7008376000000000000376,000,000 [32]
02008-10-24October 24, 2008 United States National City Bank, Cleveland, Ohio United States PNC Financial Services, Pittsburgh, Pennsylvania Bank $70095580000000000005,580,000,000 [33]
02008-10-24October 24, 2008 United States Commerce Bancorp, Cherry Hill, New Jersey Canada Toronto-Dominion Bank, Toronto, Canada Bank $70098500000000000008,500,000,000 [34]
02008-11-04November 4, 2008 United Kingdom Scarborough Building Society United Kingdom Skipton Building Society Building Society [35]
02008-11-23November 23, 2008 - Presumed United States Citigroup, New York City United States United States Federal GovernmentA Bank $300,000,000,000+ [36][37]
02009-01-10January 10, 2009 United States IndyMac Federal Bank United States IMB Management Holdings Savings and loan association $701013900000000000013,900,000,000 [38]
02009-01-15January 15, 2009 Republic of Ireland Anglo Irish Bank Republic of Ireland Government of the Republic of Ireland Bank [39]
02009-02-03February 3, 2009 Kazakhstan BTA Bank Kazakhstan Government of Kazakhstan Bank $70092100000000000002,100,000,000 [40]
02009-02-03February 3, 2009 Kazakhstan Alliance Bank Kazakhstan Government of Kazakhstan Bank [40]
02009-02-21February 21, 2009 Antigua and Barbuda Bank of Antigua Caribbean Community Eastern Caribbean Central Bank Bank [41]
02009-03-09March 9, 2009 Iceland Straumur Investment Bank Iceland Icelandic Financial Supervisory Authority Investment Bank [42]
02009-03-09March 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 [43]
02009-03-29March 29, 2009 Spain Caja de Ahorros Castilla La Mancha Spain Banco de España Savings and loan association €70099000000000000009,000,000,000 [44]
02009-12-18December 18, 2009 Philippines Philippine American Life and General Insurance Company Hong Kong American International Assurance Insurance company [45]
02010-02-24February 24, 2010 United Kingdom Chesham Building Society (100% Bought) United Kingdom Skipton Building Society Building Society £7008230000000000000230,000,000 [46]
02010-05-24May 24, 2010 Spain CajaSur Spain Banco de España Savings and loan association €7008550000000000000550,000,000 [47]

British banking rescue scheme [edit]

Her Majesty's Government announced a scheme to acquire stakes in 3 of the largest UK banks. The schemes for HBOS and Lloyds TSB were conditional on the merger between the 2 banking groups going ahead.

Date acquisition is announced Acquired company Acquirer Type of company acquired Value (USD, EUR and GBP) References
02008-10-13October 13, 2008 United Kingdom Royal Bank of Scotland Group (up to 63% Bought) United Kingdom Government of the United Kingdom Bank £701020000000000000020,000,000,000 [48][49]
02008-10-13October 13, 2008 United Kingdom HBOS (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £701013000000000000013,000,000,000 [48][49]
02008-10-13October 13, 2008 United Kingdom Lloyds TSB (up to 43.5% Bought) United Kingdom Government of the United Kingdom Bank £70094000000000000004,000,000,000 [49]

Failures [edit]

United States [edit]

Main article: List of banks acquired or bankrupted in the United States during the 2007–2012 global financial crisis

United Kingdom [edit]

Banks that have been put into administration; or the assets have been transferred to another bank under the provisions of the Banking (Special Provisions) Act 2008. Building Societies (or parts thereof) placed into administration under the Building Society Special Administration Procedure.

Date Company Deposits and/or branches taken by Type of company bankrupt or closed References
02008-10-09October 9, 2008 Icesave (subsidiary of Landsbanki (Iceland)) Her Majesty's TreasuryG Online savings bank
02008-10-08October 8, 2008 Kaupthing Singer & Friedlander (subsidiary of Kaupthing Bank (Iceland)) placed in administration Corporate investments and private banking
02008-10-08October 8, 2008 Heritable Bank (subsidiary of Landsbanki (Iceland)) ING DirectG Private banking
02008-10-08October 8, 2008 Kaupthing Edge (division of Kaupthing Singer & Friedlander) ING DirectH Online savings bank
02008-12-01December 1, 2008 London Scottish Bank placed in administration Bank [50]
02009-03-29March 29, 2009 Dunfermline Building Society non core business (social housing) transferred to the Bank of England, core business transferred to the Nationwide Building Society [51]

Latvia [edit]

Date Company Deposits and/or branches taken by Type of company bankrupt or closed References
02008-11-08November 8, 2008 Parex Bank (Latvia) Hipotēku banka (owned by Latvian government) Bank [52]
02008-11-08November 8, 2008 Golas Bank (Minsk) Hipotēku banka (owned by Latvian government) Investment Bank (subsidiary of Parex Bank) [53]

See also [edit]

Notes [edit]

References [edit]

  1. ^ "UK government nationalised Northern rock". BBC. 2008-02-17. 
  2. ^ White, Ben (May 29), "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. ^ a b Edmund L. Andrews, et al. (2008-09-16). "Fed’s $85 Billion Loan Rescues Insurer". The New York Times. 
  14. ^ a b 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. ^ a b 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. ^ a b 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. ^ "Barnsley Building Society rescued". BBC News. 2008-10-22. Retrieved 2008-10-22. 
  33. ^ Mark Calvey (2008-10-24). "PNC buy troubled National Bank". San Francisco Business Times. 
  34. ^ "Canadian Bank buy Commerce". Philadelphia Business Journal. 2008-10-30. 
  35. ^ Evans, Richard (2008-11-04). "Scarborough merger with Skipton". London: telegraph.co.uk. Retrieved 2010-05-08. 
  36. ^ http://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm
  37. ^ http://www.federalreserve.gov/newsevents/press/bcreg/20081123a.htm
  38. ^ Morgenson, Gretchen (2009-01-10). "Indymac finds a buyer". New York Times. Retrieved 2010-05-08. 
  39. ^ "Irish bank set to be nationalised". BBC News. 2009-01-16. Retrieved 2010-05-08. 
  40. ^ a b Kramer, Andrew E. (2009-02-03). "Kazakhstan Takes Control of 2 Banks". The New York Times. Retrieved 2010-05-08. 
  41. ^ "Stanford bank in Antigua seized". BBC News. 2009-02-21. Retrieved 2010-05-08. 
  42. ^ http://www.ft.com/cms/s/0/22db4400-0c86-11de-a555-0000779fd2ac.html
  43. ^ "Nationwide takes over Dunfermline". BBC News. 2009-03-30. Retrieved 2010-05-08. 
  44. ^ http://news.yahoo.com/s/afp/20090329/bs_afp/spainfinancebankingbankcompanycastilla3rdlead
  45. ^ http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
  46. ^ Evans, Richard (2010-02-24). "Skipton Building Society to merge with rival Chesham". The Daily Telegraph (London). Retrieved 2010-05-08. 
  47. ^ "Cajasur bank bail-out prompts euro falls". BBC News (London). 2010-05-24. Retrieved 2010-06-01. 
  48. ^ a b Royal Bank of Scotland under state control
  49. ^ 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
  50. ^ Neligan, Myles (2008-12-01). "UPDATE 3-London Scottish Bank enters administration". Reuters (Thomson Reuters). Retrieved 2008-12-01. 
  51. ^ [1]
  52. ^ Lannin, Patrick (2008-11-08). "Latvia takes over 2nd largest bank as crisis hits". Reuters. Retrieved 2008-11-08. 
  53. ^ "Minsk matters, at least if you're a banker.". Reuters. 2008-11-08. Retrieved 2008-11-08. [dead link]
  54. ^ "HIGHLIGHTS-Britain nationalises Bradford & Bingley". Reuters. 2008-09-29. Retrieved 2008-09-29. 
  55. ^ Ellis, David (2008-09-29). "Citigroup buys Wachovia bank assets for $2.2B". CNN. Retrieved 2008-09-29. 
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