List of banks acquired or bankrupted during the Great Recession

This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 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 dateAcquired companyAcquirerType of company acquiredValue (USD, EUR and GBP)Reference
January 3, 2007United States Ownit Mortgage SolutionsChapter 11 bankruptcy and liquidationMortgage lender
January 29, 2007United States American Freedom MortgageChapter 11 bankruptcy and liquidationMortgage lender
February 21, 2007Northern Cyprus First Merchant Bankwithdrawal of the concessionOffshore bank[1]
April 2, 2007United States New CenturyChapter 11 bankruptcy and liquidationMortgage lender[2]
August 6, 2007United States American Home MortgageChapter 11 bankruptcy and liquidationMortgage lender[3]
August 31, 2007United States Ameriquest MortgageChapter 11 bankruptcy and liquidationLargest Subprime Mortgage lender
September 28, 2007United States NetBankNetherlands ING DirectSavings and loan association$14,000,000[4][5]
October 9, 2007Netherlands ABN AMROUnited Kingdom Belgium Spain Royal Bank of Scotland Fortis Grupo SantanderDiversified financial services7×10^10
January 1, 2008
(became Subsidiary)
Germany Landesbank SachsenGermany Landesbank Baden-WürttembergLandesbank328,000,000[6]
February 22, 2008United Kingdom Northern RockUnited Kingdom Government of the United KingdomRetail and mortgage bank[7]
April 1, 2008United States Bear Stearns, New York CityUnited States JPMorgan Chase, New York CityInvestment bank$2.2×10^9[8]
June 7, 2008United Kingdom Catholic Building SocietyUnited Kingdom Chelsea Building SocietyBuilding Society£51,000,000[9]
July 1, 2008United States Countrywide Financial, Calabasas, CaliforniaUnited States Bank of America, Charlotte, North CarolinaMortgage lender$4×10^9[10]
July 14, 2008United Kingdom Alliance & LeicesterSpain Grupo SantanderRetail and mortgage bank£1.26×10^9[11]
August 26, 2008Denmark Roskilde BankDenmark Danmarks Nationalbank (Danish Central Bank)Retail bank$896,800,000 (kr4,500,000,000)[12]
September 5, 2008United States Silver State BankUnited States Federal Deposit Insurance CorporationCommercial bank[13]
September 7, 2008United States Fannie Mae and Freddie MacUnited States Federal Housing Finance AgencySecondary Mortgage Market$2×10^11[14][15][16]
September 8, 2008United Kingdom Derbyshire Building SocietyUnited Kingdom Nationwide Building SocietyBuilding society£7.1×10^9[17]
September 8, 2008United Kingdom Cheshire Building SocietyUnited Kingdom Nationwide Building SocietyBuilding society£4.9×10^9[18]
September 14, 2008United States Merrill Lynch, New York CityUnited States Bank of America, Charlotte, North CarolinaInvestment bank$4.4×10^10[19]
September 16, 2008United States American International Group, New York CityUnited States Federal government of the United StatesAInsurance company$1.82×10^11[20]
September 17, 2008United States Lehman Brothers, New York City BUnited Kingdom BarclaysInvestment bank$1.3×10^9[21]
September 18, 2008United Kingdom HBOSUnited Kingdom Lloyds TSBDiversified financial services$2.185×10^10[22]
September 26, 2008United States Washington Mutual, SeattleUnited States JPMorgan Chase, New York CitySavings and loan association$1.9×10^9[23]
September 26, 2008United States Lehman BrothersCJapan Nomura HoldingsInvestment bank$600,000,000[24]
September 28, 2008United Kingdom Bradford & BingleyDUnited Kingdom Government of the United Kingdom (Mortgage Assets)
Spain Banco Santander (Savings Liabilities)
Diversified financial services£612,000,000[25][26][27]
September 28, 2008Belgium Netherlands Luxembourg FortisNetherlands Government of the Netherlands (Dutch assets including ABN AMRO)
France BNP Paribas (Belgian and Luxembourg assets)
Diversified financial services1.12×10^10[28]
September 30, 2008Belgium DexiaBelgium France Luxembourg The Belgian, French and Luxembourg governmentsPublic finance and retail[29]
October 3, 2008United States Wachovia, Charlotte, North CarolinaUnited States Wells Fargo, San Francisco, CaliforniaRetail and investment banking$1.5×10^10[30]
October 7, 2008Iceland LandsbankiIceland Icelandic Financial Supervisory AuthorityCommercial bank[31][32]
October 8, 2008Iceland GlitnirIceland Icelandic Financial Supervisory AuthorityCommercial bank[33][34]
October 9, 2008Iceland Kaupthing BankEIceland Icelandic Financial Supervisory Authority
NetherlandsUnited Kingdom ING Direct United Kingdom
Commercial bank1.14×10^9[35][36]
October 9, 2008Australia Bankwest (subsidiary of HBOS)Australia Commonwealth BankBank£1.2×10^9[37]
October 13, 2008United States Sovereign Bank, Wyomissing, PennsylvaniaSpain Banco SantanderBank$1.9×10^9[38]
October 13, 2008United Kingdom Royal Bank of Scotland Group (up to 81.14% Bought)United Kingdom Government of the United KingdomBank£2×10^10[39]
October 13, 2008United Kingdom HBOS (up to 43.5% Bought)United Kingdom Government of the United KingdomBank£1.3×10^10[39]
October 13, 2008United Kingdom Lloyds TSB (up to 43.5% Bought)United Kingdom Government of the United KingdomBank£4×10^9[citation needed]
October 17, 2008Switzerland UBSSwitzerland Swiss National Bank and the Federal administration of SwitzerlandBank$5.92×10^10[40]
October 22, 2008United Kingdom Barnsley Building SocietyUnited Kingdom Yorkshire Building SocietyBuilding society£376,000,000[41]
October 24, 2008United States National City Bank, Cleveland, OhioUnited States PNC Financial Services, Pittsburgh, PennsylvaniaBank$5.58×10^9[42]
October 24, 2008United States Commerce Bancorp, Cherry Hill, New JerseyCanada Toronto-Dominion Bank, Toronto, OntarioBank$8.5×10^9[43]
November 2, 2008Portugal Banco Português de NegóciosPortugal Government of PortugalBank6.305×10^9[44]
November 4, 2008United Kingdom Scarborough Building SocietyUnited Kingdom Skipton Building SocietyBuilding Society[45]
November 8, 2008Latvia Parex Bank (51% controlling interest)Latvia Government of LatviaBank[46]
November 21, 2008United States Downey Savings and LoanUnited States US BancorpSavings and loan association[47][48]
November 2008United Kingdom London Scottish BankBank[49]
January 10, 2009United States IndyMacUnited States IMB Management HoldingsSavings and loan association$1.39×10^10[50]
January 15, 2009Republic of Ireland Anglo Irish BankRepublic of Ireland Government of IrelandBank[51]
February 3, 2009Kazakhstan BTA BankKazakhstan Government of KazakhstanBank$2.1×10^9[52]
February 3, 2009Kazakhstan Alliance BankKazakhstan Government of KazakhstanBank[52]
February 21, 2009Antigua and Barbuda Bank of AntiguaCaribbean Community Eastern Caribbean Central BankBank[53]
March 2, 2009United States HSBC Financeshutdown of US consumer lendingConsumer finance[54][55]
March 9, 2009Iceland Straumur Investment BankIceland Icelandic Financial Supervisory AuthorityInvestment bank[56]
March 9, 2009United Kingdom Dunfermline Building SocietyUnited Kingdom Bank of England (social housing loans)
United Kingdom Nationwide Building Society (savings, residential mortgages, branch network)
Building Society[57]
April 10, 2009United States Cape Fear BankChapter 11 bankruptcy and liquidationfinancial company[58]
April 10, 2009United States New Frontier BankChapter 11 bankruptcy and liquidationBank[59]
April 17, 2009United States American Sterling BankUnited States Metcalf BankBank[60]
April 24, 2009United States American Southern BankUnited States Georgia Department of Banking and FinanceBank$216,600,000[61]
May 8, 2009Venezuela Stanford Bank VenezuelaVenezuela Banco Nacional de CréditoBank$111,000,000
May 11, 2009Germany Dresdner BankGermany CommerzbankBank[62]
May 22, 2009Venezuela Banco de VenezuelaVenezuela Government of VenezuelaUniversal bank$1.05×10^9[63]
May 28, 2009Austria Bank Mediciwithdrawal of the concessionBank[64]
August 14, 2009United States Colonial Bank, AlabamaUnited States BB&T, North CarolinaBank[65]
August 21, 2009United States Guaranty Bank, TexasSpain BBVA Compass, AlabamaSavings and loan association[66]
September 25, 2009United States Colonial BancgroupChapter 11 bankruptcy and liquidationBank holding company[67]
October 5, 2009Austria Hypo Alpe Adria BankAustria Government of AustriaBank, Mortgage lender[68]
October 21, 2009Netherlands DSB BankBank, Insurance[69]
October 30, 2009United States Cal National BankUnited States US BancorpConsumer and business bank[70]
December 4, 2009United States AmTrust BankUnited States New York Community BankBank[71][72]
December 14, 2009Germany Hypo Real EstateGermany Government of GermanyBank, Mortgage lender
December 18, 2009United States First Federal Bank of CaliforniaUnited States OneWest Bank, CaliforniaSavings and loan association$5×10^9[73]
December 18, 2009Philippines Philippine American Life and General Insurance CompanyHong Kong American International AssuranceInsurance company[74]
February 24, 2010United Kingdom Chesham Building SocietyUnited Kingdom Skipton Building SocietyBuilding Society£230,000,000[75]
April 15, 2010Portugal Banco Privado PortuguêsPortugal Government of Portugal Bankruptcy and fraudBank41,000,000
April 30, 2010United States EuroBancsharesUnited States OFG BancorpUniversal bank
May 24, 2010Spain CajaSurSpain Banco de EspañaSavings and loan association550,000,000[76]
November 8, 2010United States AmbacChapter 11 bankruptcy and restructuringInsurance company[77]
March 17, 2011Philippines Banco FilipinoPhilippines Philippine Deposit Insurance CorporationSavings and loan association$191,800,000 (8,400,000,000)
September 30, 2011Spain CatalunyaCaixaSpain Government of SpainSavings and loan association[78]
October 31, 2011United States MF GlobalUnited States US Securities and Exchange CommissionDiversified financial services$4.3×10^10
November 23, 2011United States PMI GroupUnited States State of ArizonaInsurance company[79][80]
April 27, 2012Philippines ExportbankPhilippines Philippine Deposit Insurance CorporationCommercial bank$18,000,000 (750,000,000)
May 25, 2012Spain BankiaSpain Government of SpainSavings and loan association1.9×10^10
June 11, 2012United States FGICUnited States New York State Insurance DepartmentInsurance company[81]
June 30, 2012Germany Western German state BankGermany Portigon Financial Services
(legal successor)
Landesbank

See also

edit

Notes

edit
  • ^A Acquired a nearly 80% share in exchange for a US$85 billion loan.[82]
  • ^B Only trading assets, trading liabilities, and head offices were acquired.[21]
  • ^C Only European and Middle Eastern equities and investment banking operations were acquired.[24]
  • ^D Grupo Santander only acquired the savings portion of Bradford & Bingley; the company's loan portfolio was nationalised by the UK government.[83]
  • ^E The Financial Supervisory Authority took control of the board of directors while Kaupthing Edge, its Internet bank, was taken over by ING Direct UK.[84]

References

edit
  1. ^ Federal Register, 10 April 2008, DEPARTMENT OF THE TREASURY, 31 CFR Part 103, RIN 1506-AA89, Federal Register Volume 73, Number 70
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  4. ^ "Online Bank Fails, and Regulators Shut It". Associated Press. 2007-09-28. Retrieved 2015-01-24.
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  8. ^ White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history", Financial Times
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  84. ^ Young, Brett (9 October 2008). "Shellshocked Iceland takes control of biggest bank". Reuters. Retrieved 9 October 2008.