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 Inc 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 United States federal governmentA 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, Washington JPMorgan Chase, New York City Savings and loan association $1.9×10^9 [23]
September 26, 2008 Lehman BrothersC Nomura Holdings Investment bank $2 [24]
September 28, 2008 Bradford & BingleyD Government of the United Kingdom (Mortgage Assets)
Grupo 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 Bank ING Direct Commercial bank €1.14×10^9 [35][36]
October 9, 2008 BankWest (subsidiary of HBOS) Commonwealth Bank of Australia Bank £1.2×10^9 [37]
October 13, 2008 Sovereign Bank, Wyomissing, Pennsylvania Banco Santander SA 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][40]
October 13, 2008 HBOS (up to 43.5% Bought) Government of the United Kingdom Bank £1.3×10^10 [39][40]
October 13, 2008 Lloyds TSB (up to 43.5% Bought) Government of the United Kingdom Bank £4×10^9 [40]
October 17, 2008 UBS Swiss National Bank and the Federal administration of Switzerland Bank $5.92×10^10 [41]
October 22, 2008 Barnsley Building Society Yorkshire Building Society Building society £376,000,000 [42]
October 24, 2008 National City Bank, Cleveland, Ohio PNC Financial Services, Pittsburgh, Pennsylvania Bank $5.58×10^9 [43]
October 24, 2008 Commerce Bancorp, Cherry Hill, New Jersey Toronto-Dominion Bank, Toronto, Ontario Bank $8.5×10^9 [44]
November 2, 2008 Banco Português de Negócios Government of Portugal Bank €6.305×10^9 [45]
November 4, 2008 Scarborough Building Society Skipton Building Society Building Society [46]
November 8, 2008 Parex Bank (51% controlling interest) Government of Latvia Bank [47]
November 21, 2008 Downey Savings and Loan U.S. Bank Savings and loan association [48][49]
November 2008 London Scottish Bank Bank [50]
January 10, 2009 IndyMac Federal Bank IMB Management Holdings Savings and loan association $1.39×10^10 [51]
January 15, 2009 Anglo Irish Bank Government of the Republic of Ireland Bank [52]
February 3, 2009 BTA Bank Government of Kazakhstan Bank $2.1×10^9 [53]
February 3, 2009 Alliance Bank Government of Kazakhstan Bank [53]
February 21, 2009 Bank of Antigua Eastern Caribbean Central Bank Bank [54]
March 2, 2009 HSBC Finance Corporation shutdown of US consumer lending Consumer finance [55][56]
March 9, 2009 Straumur Investment Bank Icelandic Financial Supervisory Authority Investment bank [57]
March 9, 2009 Dunfermline Building Society Bank of England (social housing loans)
Nationwide Building Society (savings, residential mortgages, branch network)		 Building Society [58]
April 10, 2009 Cape Fear Bank Chapter 11 bankruptcy and liquidation financial company [59]
April 10, 2009 New Frontier Bank Chapter 11 bankruptcy and liquidation Bank [60]
April 17, 2009 American Sterling Bank Metcalf Bank Bank [61]
April 24, 2009 American Southern Bank Georgia Department of Banking and Finance Bank $216,600,000 [62]
May 8, 2009 Stanford Bank Venezuela Banco Nacional de Crédito Bank $111,000,000 [63]
May 11, 2009 Dresdner Bank Commerzbank Bank [64]
May 22, 2009 Banco de Venezuela Government of Venezuela Universal bank $1.05×10^9 [65][66]
May 28, 2009 Bank Medici withdrawal of the concession Bank [67]
August 14, 2009 Colonial Bank, Alabama BB&T, North Carolina Bank [68]
August 21, 2009 Guaranty Bank, Texas BBVA Compass, Alabama Savings and loan association [69]
September 25, 2009 Colonial Bancgroup Chapter 11 bankruptcy and liquidation Bank holding company [70]
October 5, 2009 Hypo Alpe Adria Bank Government of Austria Bank, Mortgage lender [71]
October 21, 2009 DSB Bank Bank, Insurance [72]
October 30, 2009 Cal National Bank US Bank Consumer and business bank [73]
December 4, 2009 AmTrust Bank New York Community Bank Bank [74][75]
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 [76]
December 18, 2009 Philippine American Life and General Insurance Company American International Assurance Insurance company [77]
February 24, 2010 Chesham Building Society Skipton Building Society Building Society £230,000,000 [78]
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 [79]
November 8, 2010 Ambac Chapter 11 bankruptcy and restructuring Insurance company [80]
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 [81]
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 [82][83]
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 State of New York Insurance company [84]
June 30, 2012 Western German state Bank Portigon Financial Services
(legal successor)		 Landesbank
February 28, 2018 HSH Nordbank Cerberus Capital Management
(main owner)		 Landesbank €5.5×10^10

See also

Notes
  • ^A Acquired a nearly 80% share in exchange for a US$85 billion loan[85]
  • ^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.[86]

References
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