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, 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 | Reference |
Ownit Mortgage Solutions Inc | Chapter 11 bankruptcy and liquidation | Mortgage lender | |||
American Freedom Mortgage | Chapter 11 bankruptcy and liquidation | Mortgage lender | |||
First Merchant Bank | withdrawal of the concession | Offshore bank | |||
New Century | Chapter 11 bankruptcy and liquidation | Mortgage lender | |||
American Home Mortgage | Chapter 11 bankruptcy and liquidation | Mortgage lender | |||
Ameriquest Mortgage | Chapter 11 bankruptcy and liquidation | Largest Subprime Mortgage lender | |||
NetBank | ING Direct | Savings and loan association | $14000000 | ||
ABN AMRO | Royal Bank of Scotland Fortis Grupo Santander | Diversified financial services | €70000000000 | ||
Landesbank Sachsen | Landesbank Baden-Württemberg | Landesbank | €328000000 | ||
Northern Rock | Government of the United Kingdom | Retail and mortgage bank | |||
Bear Stearns, New York City | JPMorgan Chase, New York City | Investment bank | $2200000000 | ||
Catholic Building Society | Chelsea Building Society | Building Society | £51000000 | ||
Countrywide Financial, Calabasas, California | Bank of America, Charlotte, North Carolina | Mortgage lender | $4000000000 | ||
Alliance & Leicester | Grupo Santander | Retail and mortgage bank | £1260000000 | ||
Roskilde Bank | Danmarks Nationalbank | Retail bank | $896800000 | ||
Silver State Bank | Federal Deposit Insurance Corporation | Commercial bank | |||
Fannie Mae and Freddie Mac | Federal Housing Finance Agency | Secondary Mortgage Market | $ | ||
Derbyshire Building Society | Nationwide Building Society | Building society | £7100000000 | ||
Cheshire Building Society | Nationwide Building Society | Building society | £4900000000 | ||
Merrill Lynch, New York City | Bank of America, Charlotte, North Carolina | Investment bank | $44000000000 | ||
American International Group, New York City | United States federal government | Insurance company | $182000000000 | ||
Lehman Brothers, New York City | Barclays | Investment bank | $1300000000 | ||
HBOS | Lloyds TSB | Diversified financial services | $21850000000 | ||
Washington Mutual, Seattle, Washington | JPMorgan Chase, New York City | Savings and loan association | $1900000000 | ||
Lehman Brothers | Nomura Holdings | Investment bank | $2 | ||
Bradford & Bingley | Government of the United Kingdom Grupo Santander | Diversified financial services | £ | ||
Fortis | Government of the Netherlands BNP Paribas | Diversified financial services | € | ||
Dexia | The Belgian, French and Luxembourg governments | Public finance and retail | |||
Wachovia, Charlotte, North Carolina | Wells Fargo, San Francisco, California | Retail and investment banking | $15000000000 | ||
Landsbanki | Icelandic Financial Supervisory Authority | Commercial bank | |||
Glitnir | Icelandic Financial Supervisory Authority | Commercial bank | |||
Kaupthing Bank | ING Direct | Commercial bank | € | ||
BankWest | Commonwealth Bank of Australia | Bank | £1200000000 | ||
Sovereign Bank, Wyomissing, Pennsylvania | Banco Santander SA | Bank | $1900000000 | ||
Royal Bank of Scotland Group | Government of the United Kingdom | Bank | £20000000000 | ||
HBOS | Government of the United Kingdom | Bank | £13000000000 | ||
Lloyds TSB | Government of the United Kingdom | Bank | £4000000000 | ||
UBS | Swiss National Bank and the Federal administration of Switzerland | Bank | $59200000000 | ||
Barnsley Building Society | Yorkshire Building Society | Building society | £376000000 | ||
National City Bank, Cleveland, Ohio | PNC Financial Services, Pittsburgh, Pennsylvania | Bank | $5580000000 | ||
Commerce Bancorp, Cherry Hill, New Jersey | Toronto-Dominion Bank, Toronto, Ontario | Bank | $8500000000 | ||
Banco Português de Negócios | Government of Portugal | Bank | €6305000000 | ||
Scarborough Building Society | Skipton Building Society | Building Society | |||
Parex Bank | Government of Latvia | Bank | |||
Downey Savings and Loan | U.S. Bank | Savings and loan association | |||
London Scottish Bank | Bank | ||||
IndyMac Federal Bank | IMB Management Holdings | Savings and loan association | $13900000000 | ||
Anglo Irish Bank | Government of the Republic of Ireland | Bank | |||
BTA Bank | Government of Kazakhstan | Bank | $2100000000 | ||
Alliance Bank | Government of Kazakhstan | Bank | |||
Bank of Antigua | Eastern Caribbean Central Bank | Bank | |||
HSBC Finance Corporation | shutdown of US consumer lending | Consumer finance | |||
Straumur Investment Bank | Icelandic Financial Supervisory Authority | Investment bank | |||
Dunfermline Building Society | Bank of England Nationwide Building Society | Building Society | |||
Cape Fear Bank | Chapter 11 bankruptcy and liquidation | financial company | |||
New Frontier Bank | Chapter 11 bankruptcy and liquidation | Bank | |||
American Sterling Bank | Metcalf Bank | Bank | |||
American Southern Bank | Georgia Department of Banking and Finance | Bank | $216600000 | ||
Stanford Bank Venezuela | Banco Nacional de Crédito | Bank | $111000000 | ||
Dresdner Bank | Commerzbank | Bank | |||
Banco de Venezuela | Government of Venezuela | Universal bank | $1050000000 | ||
Bank Medici | withdrawal of the concession | Bank | |||
Colonial Bank, Alabama | BB&T, North Carolina | Bank | |||
Guaranty Bank, Texas | BBVA Compass, Alabama | Savings and loan association | |||
Colonial Bancgroup | Chapter 11 bankruptcy and liquidation | Bank holding company | |||
Hypo Alpe Adria Bank | Government of Austria | Bank, Mortgage lender | |||
DSB Bank | Bank, Insurance | ||||
Cal National Bank | US Bank | Consumer and business bank | |||
AmTrust Bank | New York Community Bank | Bank | |||
Hypo Real Estate | Government of Germany | Bank, Mortgage lender | |||
First Federal Bank of California | OneWest Bank, California | Savings and loan association | $5000000000 | ||
Philippine American Life and General Insurance Company | American International Assurance | Insurance company | |||
Chesham Building Society | Skipton Building Society | Building Society | £230000000 | ||
Banco Privado Português | Government of Portugal Bankruptcy and fraud | Bank | €41000000 | ||
EuroBancshares | OFG Bancorp | Universal bank | |||
CajaSur | Banco de España | Savings and loan association | €550000000 | ||
Ambac | Chapter 11 bankruptcy and restructuring | Insurance company | |||
Banco Filipino | Philippine Deposit Insurance Corporation | Savings and loan association | $ | ||
CatalunyaCaixa | Government of Spain | Savings and loan association | |||
MF Global | US Securities and Exchange Commission | Diversified financial services | $43000000000 | ||
PMI Group | State of Arizona | Insurance company | |||
Exportbank | Philippine Deposit Insurance Corporation | Commercial bank | $18000000 | ||
Bankia | Government of Spain | Savings and loan association | €19000000000 | ||
FGIC | State of New York | Insurance company | |||
Western German state Bank | Portigon Financial Services ' | Landesbank | |||
HSH Nordbank | Cerberus Capital Management ' | Landesbank | €55000000000 |