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List of banks acquired or bankrupted during the Great Recession

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Title: List of banks acquired or bankrupted during the Great Recession  
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Subject: Subprime mortgage crisis, Automotive industry crisis of 2008–10, Subprime crisis impact timeline, Financial crisis of 2007–08, Great Recession
Collection: Banking, Banks, Great Recession
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List of banks acquired or bankrupted during the Great Recession

This is a list of financial institutions that were severely affected by the Great Recession. 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.

In 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 could be disposed of. In addition, the investment bank Lehman Brothers 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 was used to seize assets of the Icelandic banks, the Government of Iceland, and the Icelandic central bank in the UK.

Acquisitions

Announcement date Acquired company Acquirer Type of company acquired Value (USD, EUR and GBP) Reference
October 9, 2007 ABN AMRO Royal Bank of Scotland Fortis Grupo Santander Diversified financial services 70,000,000,000
February 22, 2008 Northern Rock Government of the United Kingdom Retail and mortgage bank [1]
April 1, 2008 Bear Stearns, New York City JPMorgan Chase, New York City Investment bank $2,200,000,000 [2]
June 7, 2008 Catholic Building Society Chelsea Building Society Building Society £51,000,000 [3]
July 1, 2008 Countrywide Financial, Calabasas, California Bank of America, Charlotte, North Carolina Mortgage lender $4,000,000,000 [4]
July 14, 2008 Alliance & Leicester Grupo Santander Retail and mortgage bank £1,260,000,000 [5]
August 26, 2008 Roskilde Bank Danmarks Nationalbank (Danish Central Bank) Retail bank $896,800,000 (kr4,500,000,000) [6]
September 7, 2008 Fannie Mae and Freddie Mac Federal Housing Finance Agency Mortgage lenders [7][8][9]
September 8, 2008 Derbyshire Building Society Nationwide Building Society Building society £7,100,000,000 [10]
September 8, 2008 Cheshire Building Society Nationwide Building Society Building society £4,900,000,000 [11]
September 14, 2008 Merrill Lynch, New York City Bank of America, Charlotte, North Carolina Investment bank $44,000,000,000 [12]
September 16, 2008 American International Group, New York City United States federal government Insurance company $182,000,000,000 [13]
September 17, 2008 - Lehman Brothers, New York City Barclays Investment bank $1,300,000,000 [14]
September 18, 2008 HBOS Lloyds TSB Diversified financial services $21,850,000,000 [15]
September 26, 2008 Washington Mutual, Seattle, Washington JPMorgan Chase, New York City Savings and loan association $1,900,000,000 [16]
September 26, 2008 Lehman Brothers Nomura Holdings Investment bank $2 [17]
September 28, 2008 Bradford & Bingley Government of the United Kingdom (Mortgage Assets)
Grupo Santander (Savings Liabilities)
Diversified financial services £12,000,000 [18][19][20]
September 28, 2008 Fortis Government of the Netherlands (Dutch assets including ABN AMRO)
BNP Paribas (Belgian and Luxembourg assets)
Diversified financial services 11,200,000,000 [21]
September 30, 2008 Dexia The Belgian, French and Luxembourg governments Public finance and retail [22]
October 3, 2008 Wachovia, Charlotte, North Carolina Wells Fargo, San Francisco, California Retail and investment banking $15,000,000,000 [23]
October 7, 2008 Landsbanki Icelandic Financial Supervisory Authority Commercial bank [24][25]
October 8, 2008 Glitnir Icelandic Financial Supervisory Authority Commercial bank [26][27]
October 9, 2008 Kaupthing Bank Icelandic Financial Supervisory Authority Commercial bank [28][29]
October 9, 2008 BankWest (subsidiary of HBOS) Commonwealth Bank of Australia Bank £1,200,000,000 [30]
October 13, 2008 Sovereign Bank, Wyomissing, Pennsylvania Banco Santander SA Bank $1,900,000,000 [31]
October 13, 2008 Royal Bank of Scotland Group (up to 81.14% Bought) Government of the United Kingdom Bank £20,000,000,000 [32][33]
October 13, 2008 HBOS (up to 43.5% Bought) Government of the United Kingdom Bank £13,000,000,000 [32][33]
October 13, 2008 Lloyds TSB (up to 43.5% Bought) Government of the United Kingdom Bank £4,000,000,000 [33]
October 17, 2008 UBS Swiss National Bank and the Federal administration of Switzerland Bank $59,200,000,000 [34]
October 22, 2008 Barnsley Building Society Yorkshire Building Society Building society £376,000,000 [35]
October 24, 2008 National City Bank, Cleveland, Ohio PNC Financial Services, Pittsburgh, Pennsylvania Bank $5,580,000,000 [36]
October 24, 2008 Commerce Bancorp, Cherry Hill, New Jersey Toronto-Dominion Bank, Toronto, Canada Bank $8,500,000,000 [37]
November 2, 2008 Banco Português de Negócios Government of Portugal Bank 6,305,000,000 [38]
November 4, 2008 Scarborough Building Society Skipton Building Society Building Society [39]
November 8, 2008 Parex Bank (51% controlling interest) Government of Latvia Bank [40]
November 23, 2008 Citigroup, New York City United States Federal Government Bank $300,000,000,000+ [41][42]
January 10, 2009 IndyMac Federal Bank IMB Management Holdings Savings and loan association $13,900,000,000 [43]
January 15, 2009 Anglo Irish Bank Government of the Republic of Ireland Bank [44]
February 3, 2009 BTA Bank Government of Kazakhstan Bank $2,100,000,000 [45]
February 3, 2009 Alliance Bank Government of Kazakhstan Bank [45]
February 21, 2009 Bank of Antigua Eastern Caribbean Central Bank Bank [46]
March 9, 2009 Straumur Investment Bank Icelandic Financial Supervisory Authority Investment bank [47]
March 9, 2009 Dunfermline Building Society Bank of England (social housing loans)
Nationwide Building Society (savings, residential mortgages, branch network)
Building Society [48]
March 29, 2009 Caja de Ahorros Castilla La Mancha Banco de España Savings and loan association 9,000,000,000 [49]
December 18, 2009
Philippines
Philippine American Life and General Insurance Company
American International Assurance Insurance company [50]
February 24, 2010 Chesham Building Society (100% Bought) Skipton Building Society Building Society £230,000,000 [51]
April 15, 2010 Banco Privado Português Government of Portugal Bankruptcy and fraud Bank 41,000,000
May 24, 2010 CajaSur Banco de España Savings and loan association 550,000,000 [52]
October 31, 2011 MF Global US Securities and Exchange Commission Diversified financial services $43,000,000,000
May 25, 2012 Bankia Government of Spain Savings and loan association 19,000,000,000
August 3, 2014 Banco Espírito Santo divided in 'good bank' and 'bad bank' Government of Portugal Bank 4,400,000,000

References

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  3. ^ Steve Hodge (2008-09-05). "Catholic society offers merger bonuses".  
  4. ^  
  5. ^ "Santander agrees £1.2bn A&L deal".  
  6. ^ McLaughlin, Kim; Peter Levring (2008-08-26). "Danish central bank buys out ailing Roskilde bank".  
  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. 
  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,  
  14. ^ BBC,  
  15. ^ AP (2008-09-18). "Lloyds TSB confirms deal to take over HBOS PLC". International Herald Tribune. 
  16. ^ BBC,  
  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".  
  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. ^ (07.10.2008)News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in IcelandThe Financial Supervisory Authority - Iceland,
  25. ^ (October 07, 2008)Press release: Landsbanki's Operations Continued Under Unchanged ManagementLandsbanki Íslands,
  26. ^ (08.10.2008)News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in IcelandThe Financial Supervisory Authority - Iceland,
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  28. ^ (09.10.2008)News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in IcelandThe Financial Supervisory Authority - Iceland,
  29. ^ (2008.10.09)Press release: Kaupthing Bank turns to the Icelandic FSAKaupthing Bank,
  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 ( 
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  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. ^ "Governo anuncia nacionalização do BPN". Público. 2008-11-02. 
  39. ^ Evans, Richard (2008-11-04). "Scarborough merger with Skipton". London: telegraph.co.uk. Retrieved 2010-05-08. 
  40. ^ http://www.baltictimes.com/news/articles/26699/
  41. ^ Ellis, David (2008-11-23). "Citi dodges bullet". CNN. 
  42. ^ http://www.federalreserve.gov/newsevents/press/bcreg/20081123a.htm
  43. ^ Morgenson, Gretchen (2009-01-10). "Indymac finds a buyer". New York Times. Retrieved 2010-05-08. 
  44. ^ "Irish bank set to be nationalised". BBC News. 2009-01-16. Retrieved 2010-05-08. 
  45. ^ a b Kramer, Andrew E. (2009-02-03). "Kazakhstan Takes Control of 2 Banks". The New York Times. Retrieved 2010-05-08. 
  46. ^ "Stanford bank in Antigua seized". BBC News. 2009-02-21. Retrieved 2010-05-08. 
  47. ^ http://www.ft.com/cms/s/0/22db4400-0c86-11de-a555-0000779fd2ac.html
  48. ^ "Nationwide takes over Dunfermline". BBC News. 2009-03-30. Retrieved 2010-05-08. 
  49. ^ http://news.yahoo.com/s/afp/20090329/bs_afp/spainfinancebankingbankcompanycastilla3rdlead
  50. ^ http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife
  51. ^ Evans, Richard (2010-02-24). "Skipton Building Society to merge with rival Chesham". The Daily Telegraph (London). Retrieved 2010-05-08. 
  52. ^ "Cajasur bank bail-out prompts euro falls". BBC News (London). 2010-05-24. Retrieved 2010-06-01. 
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