Bank Failures in Brief – 2002
There were 11 bank failures in 2002. See detailed descriptions below.
Please select the buttons below for other years' information.
| 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 |
| 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 insured deposit accounts. (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 insured deposit accounts. (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, AZ | 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 insured deposit accounts. (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 insured deposit accounts. (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 insured deposit accounts. (BIF**) |
*SAIF = Savings Association Insurance Fund **BIF = Bank Insurance Fund