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 date	Acquired company	Acquirer	Type of company acquired	Value (USD, EUR and GBP)	Reference
January 3, 2007	Ownit Mortgage Solutions	Chapter 11 bankruptcy and liquidation	Mortgage lender
January 29, 2007	American Freedom Mortgage	Chapter 11 bankruptcy and liquidation	Mortgage lender
February 21, 2007	First Merchant Bank	withdrawal of the concession	Offshore bank		[1]
April 2, 2007	New Century	Chapter 11 bankruptcy and liquidation	Mortgage lender		[2]
August 6, 2007	American Home Mortgage	Chapter 11 bankruptcy and liquidation	Mortgage lender		[3]
August 31, 2007	Ameriquest Mortgage	Chapter 11 bankruptcy and liquidation	Largest Subprime Mortgage lender
September 28, 2007	NetBank	ING Direct	Savings and loan association	$14,000,000	[4][5]
October 9, 2007	ABN AMRO	Royal Bank of Scotland Fortis Grupo Santander	Diversified financial services	€7×10^10
January 1, 2008 (became Subsidiary)	Landesbank Sachsen	Landesbank Baden-Württemberg	Landesbank	€328,000,000	[6]
February 22, 2008	Northern Rock	Government of the United Kingdom	Retail and mortgage bank		[7]
April 1, 2008	Bear Stearns, New York City	JPMorgan Chase, New York City	Investment bank	$2.2×10^9	[8]
June 7, 2008	Catholic Building Society	Chelsea Building Society	Building Society	£51,000,000	[9]
July 1, 2008	Countrywide Financial, Calabasas, California	Bank of America, Charlotte, North Carolina	Mortgage lender	$4×10^9	[10]
July 14, 2008	Alliance & Leicester	Grupo Santander	Retail and mortgage bank	£1.26×10^9	[11]
August 26, 2008	Roskilde Bank	Danmarks Nationalbank (Danish Central Bank)	Retail bank	$896,800,000 (kr4,500,000,000)	[12]
September 5, 2008	Silver State Bank	Federal Deposit Insurance Corporation	Commercial bank		[13]
September 7, 2008	Fannie Mae and Freddie Mac	Federal Housing Finance Agency	Secondary Mortgage Market	$2×10^11	[14][15][16]
September 8, 2008	Derbyshire Building Society	Nationwide Building Society	Building society	£7.1×10^9	[17]
September 8, 2008	Cheshire Building Society	Nationwide Building Society	Building society	£4.9×10^9	[18]
September 14, 2008	Merrill Lynch, New York City	Bank of America, Charlotte, North Carolina	Investment bank	$4.4×10^10	[19]
September 16, 2008	American International Group, New York City	Federal government of the United StatesA	Insurance company	$1.82×10^11	[20]
September 17, 2008	Lehman Brothers, New York City B	Barclays	Investment bank	$1.3×10^9	[21]
September 18, 2008	HBOS	Lloyds TSB	Diversified financial services	$2.185×10^10	[22]
September 26, 2008	Washington Mutual, Seattle	JPMorgan Chase, New York City	Savings and loan association	$1.9×10^9	[23]
September 26, 2008	Lehman BrothersC	Nomura Holdings	Investment bank	$600,000,000	[24]
September 28, 2008	Bradford & BingleyD	Government of the United Kingdom (Mortgage Assets) Banco Santander (Savings Liabilities)	Diversified financial services	£612,000,000	[25][26][27]
September 28, 2008	Fortis	Government of the Netherlands (Dutch assets including ABN AMRO) BNP Paribas (Belgian and Luxembourg assets)	Diversified financial services	€1.12×10^10	[28]
September 30, 2008	Dexia	The Belgian, French and Luxembourg governments	Public finance and retail		[29]
October 3, 2008	Wachovia, Charlotte, North Carolina	Wells Fargo, San Francisco, California	Retail and investment banking	$1.5×10^10	[30]
October 7, 2008	Landsbanki	Icelandic Financial Supervisory Authority	Commercial bank		[31][32]
October 8, 2008	Glitnir	Icelandic Financial Supervisory Authority	Commercial bank		[33][34]
October 9, 2008	Kaupthing BankE	Icelandic Financial Supervisory Authority ING Direct United Kingdom	Commercial bank	€1.14×10^9	[35][36]
October 9, 2008	Bankwest (subsidiary of HBOS)	Commonwealth Bank	Bank	£1.2×10^9	[37]
October 13, 2008	Sovereign Bank, Wyomissing, Pennsylvania	Banco Santander	Bank	$1.9×10^9	[38]
October 13, 2008	Royal Bank of Scotland Group (up to 81.14% Bought)	Government of the United Kingdom	Bank	£2×10^10	[39]
October 13, 2008	HBOS (up to 43.5% Bought)	Government of the United Kingdom	Bank	£1.3×10^10	[39]
October 13, 2008	Lloyds TSB (up to 43.5% Bought)	Government of the United Kingdom	Bank	£4×10^9	[citation needed]
October 17, 2008	UBS	Swiss National Bank and the Federal administration of Switzerland	Bank	$5.92×10^10	[40]
October 22, 2008	Barnsley Building Society	Yorkshire Building Society	Building society	£376,000,000	[41]
October 24, 2008	National City Bank, Cleveland, Ohio	PNC Financial Services, Pittsburgh, Pennsylvania	Bank	$5.58×10^9	[42]
October 24, 2008	Commerce Bancorp, Cherry Hill, New Jersey	Toronto-Dominion Bank, Toronto, Ontario	Bank	$8.5×10^9	[43]
November 2, 2008	Banco Português de Negócios	Government of Portugal	Bank	€6.305×10^9	[44]
November 4, 2008	Scarborough Building Society	Skipton Building Society	Building Society		[45]
November 8, 2008	Parex Bank (51% controlling interest)	Government of Latvia	Bank		[46]
November 21, 2008	Downey Savings and Loan	US Bancorp	Savings and loan association		[47][48]
November 2008	London Scottish Bank		Bank		[49]
January 10, 2009	IndyMac	IMB Management Holdings	Savings and loan association	$1.39×10^10	[50]
January 15, 2009	Anglo Irish Bank	Government of Ireland	Bank		[51]
February 3, 2009	BTA Bank	Government of Kazakhstan	Bank	$2.1×10^9	[52]
February 3, 2009	Alliance Bank	Government of Kazakhstan	Bank		[52]
February 21, 2009	Bank of Antigua	Eastern Caribbean Central Bank	Bank		[53]
March 2, 2009	HSBC Finance	shutdown of US consumer lending	Consumer finance		[54][55]
March 9, 2009	Straumur Investment Bank	Icelandic Financial Supervisory Authority	Investment bank		[56]
March 9, 2009	Dunfermline Building Society	Bank of England (social housing loans) Nationwide Building Society (savings, residential mortgages, branch network)	Building Society		[57]
April 10, 2009	Cape Fear Bank	Chapter 11 bankruptcy and liquidation	financial company		[58]
April 10, 2009	New Frontier Bank	Chapter 11 bankruptcy and liquidation	Bank		[59]
April 17, 2009	American Sterling Bank	Metcalf Bank	Bank		[60]
April 24, 2009	American Southern Bank	Georgia Department of Banking and Finance	Bank	$216,600,000	[61]
May 8, 2009	Stanford Bank Venezuela	Banco Nacional de Crédito	Bank	$111,000,000
May 11, 2009	Dresdner Bank	Commerzbank	Bank		[62]
May 22, 2009	Banco de Venezuela	Government of Venezuela	Universal bank	$1.05×10^9	[63]
May 28, 2009	Bank Medici	withdrawal of the concession	Bank		[64]
August 14, 2009	Colonial Bank, Alabama	BB&T, North Carolina	Bank		[65]
August 21, 2009	Guaranty Bank, Texas	BBVA Compass, Alabama	Savings and loan association		[66]
September 25, 2009	Colonial Bancgroup	Chapter 11 bankruptcy and liquidation	Bank holding company		[67]
October 5, 2009	Hypo Alpe Adria Bank	Government of Austria	Bank, Mortgage lender		[68]
October 21, 2009	DSB Bank		Bank, Insurance		[69]
October 30, 2009	Cal National Bank	US Bancorp	Consumer and business bank		[70]
December 4, 2009	AmTrust Bank	New York Community Bank	Bank		[71][72]
December 14, 2009	Hypo Real Estate	Government of Germany	Bank, Mortgage lender
December 18, 2009	First Federal Bank of California	OneWest Bank, California	Savings and loan association	$5×10^9	[73]
December 18, 2009	Philippine American Life and General Insurance Company	American International Assurance	Insurance company		[74]
February 24, 2010	Chesham Building Society	Skipton Building Society	Building Society	£230,000,000	[75]
April 15, 2010	Banco Privado Português	Government of Portugal Bankruptcy and fraud	Bank	€41,000,000
April 30, 2010	EuroBancshares	OFG Bancorp	Universal bank
May 24, 2010	CajaSur	Banco de España	Savings and loan association	€550,000,000	[76]
November 8, 2010	Ambac	Chapter 11 bankruptcy and restructuring	Insurance company		[77]
March 17, 2011	Banco Filipino	Philippine Deposit Insurance Corporation	Savings and loan association	$191,800,000 (₱8,400,000,000)
September 30, 2011	CatalunyaCaixa	Government of Spain	Savings and loan association		[78]
October 31, 2011	MF Global	US Securities and Exchange Commission	Diversified financial services	$4.3×10^10
November 23, 2011	PMI Group	State of Arizona	Insurance company		[79][80]
April 27, 2012	Exportbank	Philippine Deposit Insurance Corporation	Commercial bank	$18,000,000 (₱750,000,000)
May 25, 2012	Bankia	Government of Spain	Savings and loan association	€1.9×10^10
June 11, 2012	FGIC	New York State Insurance Department	Insurance company		[81]
June 30, 2012	Western German state Bank	Portigon Financial Services (legal successor)	Landesbank

See also

• Banks portal

• List of bank failures in the United States (2008–present)
• List of stock market crashes and bear markets
• Stock market crashes in India

Notes

• ^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

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