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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Since 1933, no depositor has ever lost a penny of FDIC-insured funds

Bank Failures in Brief – 2002

There were 11 bank failures in 2002. See detailed descriptions below.

The graph shows there were 11 bank failures in 2002. Bank Failures in January 2002 Bank Failures in February 2002 Bank Failures in March 2002 Bank Failures in June 2002 Bank Failures in September 2002 Bank Failures in November 2002 Bank Failures in December 2002

Please select the buttons below for other years' information.

2002 Summary by Month
(Approximate asset dollar volume based on figures from the press releases)
Months Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank Failures 2 2 2 0 0 2 0 0 1 0 1 1
Total Assets (Millions) 1,310.8 772.3 53.7 0 0 450.2 0 0 12.0 0 69.4 37.0

2002 Bank Failure Details
Bank Name, City, ST Press Release
(PR)
Closing Date Approx. Asset
(Millions)
Approx. Deposit
(Millions)
Acquirer & Transaction
December
Farmers Bank & Trust of Cheneyville, Cheneyville, LA PR-131-2002 December 17, 2002 $37.0 $33.1 Sabine State Bank and Trust Company, Many, LA agreed to assume all deposits.(BIF)
November
Bank of Alamo, Alamo, TN PR-120-2002 November 8, 2002 $69.4 $55.3 The FDIC has approved the payout of the insured deposits of Bank of Alamo. (BIF)
September
AmTrade International Bank, Atlanta, GA PR-100-2002 September 30, 2002 $12.0 $10.2 The FDIC has approved the payout of the insured deposits of AmTrade International Bank. (BIF)
June
Universal Federal Savings Bank, Chicago, IL PR-081-2002
PR-076-2002
June 27, 2002 $51.6 $40.0 Chicago Community Bank, Chicago, IL agreed to assume all deposits. (SAIF)
Connecticut Bank of Commerce, Stamford, CT PR-080-2002
PR-074-2002
June 26, 2002 $398.6 $323.7 Hudson United Bank, Mahwah, NJ agreed to assume all deposits. (BIF)
MarchBack to top
New Century Bank, Shelby Township, MI PR-38-2002 March 28, 2002 $19.0 $18.0 The FDIC has approved the payout of the insured deposits of New Century Bank. (BIF)
Net 1st National Bank, Boca Raton, FL PR-26-2002 March 1, 2002 $34.7 $23.9 Bank Leumi USA of New York, NY agreed to assume all deposits. (BIF)
February
NextBank, National Association, Phoenix, AR PR-16-2002 February 7, 2002 $700.0 $554.0 The FDIC has approved the payout of the insured deposits of NextBank, N.A. (BIF)
Oakwood Deposit Bank Company, Oakwood, OH PR-11-2002,
PR-10-2002
February 1, 2002 $72.3 $60.2 The State Bank and Trust Company of Defiance, OH agreed to assume all deposits. (BIF)
January
Bank of Sierra Blanca, Sierra Blanca, TX PR-5-2002 January 18, 2002 $10.8 $9.8 The Security State Bank of Pecos, Pecos, TX agreed to assume all deposits. (BIF)
Hamilton Bank, National Association, Miami, FL PR-3-2002 January 11, 2002 $1,300.0 $1,200.0 Israel Discount Bank of New York, New York, NY agreed to assume all deposits. (BIF)


*BIF = Bank Insurance Fund *SAIF = Savings Association Insurance Fund

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