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Bank Failures in Brief – 2008

There were 25 bank failures in 2008. See detailed descriptions below.

The graph shows there were 25 bank failures in 2008 Bank Failures in January 2008 Bank Failures in March 2008 Bank Failures in May 2008 Bank Failures in July 2008 Bank Failures in July 2008 Bank Failures in August 2008 Bank Failures in September 2008 Bank Failures in September 2008 Bank Failures in October 2008 Bank Failures in November 2008 Bank Failures in November 2008 Bank Failures in December 2008

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2008 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 1 0 1 0 2 0 3 3 3 4 5 3
Total Assets (Millions) 58.5 0 18.7 0 2,154.7 0 35,664.0 2,111.0 309,115.0 778.3 22,842.1 846.5

2008 Bank Failure Details
Bank Name, City, ST Press Release
(PR)
Closing Date Approx. Asset
(Millions)
Approx. Deposit
(Millions)
Acquirer & Transaction
December
Sanderson State Bank, Sanderson, TX PR-135-2008 December 12, 2008 $37.0 $27.9 Pecos County State Bank, Fort Stockton, TX assumed all deposits.
Haven Trust Bank, Duluth, GA PR-134-2008 December 12, 2008 $572.0 $515.0 Branch Banking and Trust Company, Winston-Salem, NC assumed all deposits.
First Georgia Community Bank, Jackson, GA PR-132-2008 December 5, 2008 $237.5 $197.4 United Bank, Zebulon, GA assumed all deposits.
NovemberBack to top
PFF Bank and Trust, Pomona, CA
PR-124-2008
November 21, 2008 $3,700.0 $2,400.0 In a transaction facilitated by the FDIC, U.S. Bank, National Association, acquired the banking operations of PFF Bank and Trust, and agreed to assume all deposits.
Downey Savings and Loan Association, F.A., Newport Beach, CA PR-124-2008 November 21, 2008 $12,800.0 $9,700.0 In a transaction facilitated by the FDIC, U.S. Bank, National Association, acquired the banking operations of Downey Savings and Loan Association, and agreed to assume all deposits.
Community Bank, Loganville, GA PR-123-2008 November 21, 2008 $681.0 $611.4 Bank of Essex, Tappahannock, VA agreed to assume all deposits.
Security Pacific Bank, Los Angeles, CA PR-114-2008 November 7, 2008 $561.1 $450.1 Pacific Western Bank, Los Angeles, California agreed to assume all deposits.
Franklin Bank, SSB, Houston, TX PR-113-2008 November 7, 2008 $5,100.0 $3,700.0 Prosperity Bank, El Campo, TX agreed to assume all deposits.
OctoberBack to top
Freedom Bank, Bradenton, FL PR-109-2008 October 31, 2008 $287.0 $254.0 Fifth Third Bank of Grand Rapids, MI agreed to assume all deposits.
Alpha Bank & Trust, Alpharetta, GA PR-106-2008 October 24, 2008 $354.1 $346.2 Stearns Bank National Association, St. Cloud, MN agreed to assume the non-brokered insured deposits.
Meridian Bank, Eldred, IL PR-99-2008 October 10, 2008 $39.18 $36.88 National Bank of Hillsboro, IL assumed all deposits.
Main Street Bank, Northville, MI PR-98-2008 October 10, 2008 $98.0 $86.0 Monroe Bank & Trust of Monroe, MI agreed to assume all deposits.
SeptemberBack to top
Washington Mutual Bank, Henderson, NV PR-85-2008 September 25, 2008 $307,000.0 $188,000.0 In a transaction facilitated by the FDIC, JPMorgan Chase acquired the banking operations of Washington Mutual Bank, and agreed to assume all deposits (approximately $188 billion).
Ameribank, Inc., Northfork, WV PR-82-2008 September 19, 2008 $115.0 $102.0 Pioneer Community Bank, Inc., Iaeger, West Virginia agreed to assume all deposits at Ameribank's WV branches; The Citizens Savings Bank, Martins Ferry, OH agreed to assume all deposits at Ameribank's Ohio branches.
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Silver State Bank, Henderson, NV PR-77-2008 September 5, 2008 $2,000.0 $1,700.0 Nevada State Bank, Las Vegas, NV agreed to assume the non-brokered insured deposits.
AugustBack to top
Integrity Bank, Alpharetta, GA PR-74-2008 August 29, 2008 $1,100.0 $974.0 Regions Bank, Birmingham, AL agreed to assume all deposits.
Columbian Bank and Trust, Topeka, KS PR-69-2008 August 22, 2008 $752.0 $622.0 Citizens Bank and Trust Company, Chillicothe, MO agreed to assume all deposits.
First Priority Bank, Bradenton, FL PR-65-2008 August 1, 2008 $259.0 $227.0 SunTrust Bank, Atlanta, GA agreed to assume the non-brokered insured deposits.
JulyBack to top
First National Bank of Nevada, Reno, NV PR-63-2008 July 25, 2008 $3,400.0 $3,000.0 Mutual of Omaha Bank, Omaha, Nebraska agreed to assume all deposits (approximately $3.0 billion). On June 30, 2008, First National Bank of Arizona, Scottsdale, Arizona, merged with First National Bank of Nevada and was included in this action.
First Heritage Bank National Association, Newport Beach, CA PR-63-2008 July 25, 2008 $254.0 $233.0 Mutual of Omaha Bank, Omaha, NE agreed to assume all deposits (approximately $233 million).
IndyMac Bank, F.S.B., Pasadena, CA PR-56-2008 July 11, 2008 $32,010.0 19,060.0 Non-brokered insured deposits and substantially all of the assets were transferred to IndyMac Federal Bank, F.S.B., Pasadena, California. The FDIC was named Conservator.
MayBack to top
First Integrity Bank, National Association, Staples, MN PR-41-2008 May 30, 2008 $54.7 $50.3 First International Bank and Trust, Watford City, ND agreed to assume all deposits.
ANB Financial, National Association, Bentonville, AR PR-33-2008 May 9, 2008 $2,100.0 $1,800.0 Pulaski Bank and Trust Company, Little Rock, AR agreed to assume the non-brokered insured deposits (approximately $212.9 million).
MarchBack to top
Hume Bank, Hume, MO PR-21-2008 March 7, 2008 $18.7 $13.6 Security Bank, Rich Hill, MO agreed to assume the insured deposits (approximately $12.5 million).
JanuaryBack to top
Douglass National Bank, Kansas City, MO PR-7-2008 January 25, 2008 $58.5 $53.8 Liberty Bank and Trust Company of New Orleans, LA agreed to assume all deposits (approximately $53.8 million).

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