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 Ownit Mortgage Solutions Chapter 11 bankruptcy and liquidation Mortgage lender American Freedom Mortgage First Merchant Bank withdrawal of the concession Offshore bankFederal Register, 10 April 2008, DEPARTMENT OF THE TREASURY, 31 CFR Part 103, RIN 1506-AA89, Federal Register Volume 73, Number 70 New Century Chapter 11 bankruptcy and liquidation Mortgage lender American Home Mortgage Ameriquest Mortgage Largest subprime mortgage lender NetBank ING Direct Savings and loan association$ ABN AMRO Royal Bank of Scotland Fortis Grupo Santander Diversified financial services€ (became subsidiary) Landesbank Sachsen Landesbank Baden-Württemberg Landesbank€ Northern Rock Government of the United Kingdom Retail and mortgage bank Bear Stearns, New York City JPMorgan Chase, New York City Investment bank$ Catholic Building Society Chelsea Building Society Building society£ Countrywide Financial, Calabasas, California Bank of America, Charlotte, North Carolina Mortgage lender$ Alliance & Leicester Grupo Santander Retail and mortgage bank£ Roskilde Bank Danmarks Nationalbank (Danish Central Bank) Retail bank$ (kr4,500,000,000) Silver State Bank Federal Deposit Insurance Corporation Commercial bank Fannie Mae and Freddie Mac Federal Housing Finance Agency Secondary mortgage market$ Derbyshire Building Society Nationwide Building Society Building society£ Cheshire Building Society£ Merrill Lynch, New York City Bank of America, Charlotte, North Carolina Investment bank$ American International Group, New York City Federal government of the United States Insurance company$ Lehman Brothers, New York City Barclays Investment bank$ HBOS Lloyds TSB Diversified financial services$ Washington Mutual, Seattle JPMorgan Chase, New York City Savings and loan association$ Lehman Brothers Nomura Holdings Investment bank$600,000,000 Bradford & Bingley Government of the United Kingdom (Mortgage Assets) Banco Santander (Savings Liabilities) Diversified financial services£ Fortis Government of the Netherlands (Dutch assets including ABN AMRO) BNP Paribas (Belgian and Luxembourg assets)€ Dexia The Belgian, French and Luxembourg governments Public finance and retail Wachovia, Charlotte, North Carolina Wells Fargo, San Francisco, California Retail and investment banking$ Landsbanki Icelandic Financial Supervisory Authority Commercial bankThe Financial Supervisory Authority – Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland (7 October 2008) GlitnirThe Financial Supervisory Authority – Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland (8 October 2008) Kaupthing Bank Icelandic Financial Supervisory Authority ING Direct United Kingdom€ The Financial Supervisory Authority – Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland (9 October 2008) Kaupthing Bank, Press release: Kaupthing Bank turns to the Icelandic FSA (2008.10.09) Bankwest (subsidiary of HBOS) Commonwealth Bank Bank£ Sovereign Bank, Wyomissing, Pennsylvania Banco Santander$ Royal Bank of Scotland Group (up to 81.14% Bought) Government of the United Kingdom£ HBOS (up to 43.5% Bought)£ Lloyds TSB (up to 43.5% Bought)£ UBS Swiss National Bank and the Federal administration of Switzerland$ Barnsley Building Society Yorkshire Building Society Building society£ National City Bank, Cleveland, Ohio PNC Financial Services, Pittsburgh, Pennsylvania Bank$ Commerce Bancorp, Cherry Hill, New Jersey Toronto-Dominion Bank, Toronto, Ontario$ Banco Português de Negócios Government of Portugal€ Scarborough Building Society Skipton Building Society Building society Parex Bank (51% controlling interest) Government of Latvia Bank Downey Savings and Loan US Bancorp Savings and loan association London Scottish Bank Bank IndyMac IMB Management Holdings Savings and loan association$ Anglo Irish Bank Government of Ireland Bank BTA Bank Government of Kazakhstan$ Alliance Bank Bank of Antigua Eastern Caribbean Central Bank HSBC Finance shutdown of US consumer lending Consumer finance Straumur Investment Bank Icelandic Financial Supervisory Authority Investment bank Dunfermline Building Society Bank of England (social housing loans) Nationwide Building Society (savings, residential mortgages, branch network) Building society Cape Fear Bank Chapter 11 bankruptcy and liquidation financial company Cape Fear Bank becomes 22nd US bank failure of '09, Associated Press, April 10, 2009. New Frontier Bank Bank Regulators Close N.C., Colo. Banks, Washington Post, April 10, 2009. American Sterling Bank Metcalf Bank American Southern Bank Georgia Department of Banking and Finance $ Stanford Bank Venezuela Banco Nacional de Crédito$ Dresdner Bank Commerzbank Banco de Venezuela Government of Venezuela Universal bank$ Bank Medici withdrawal of the concession Bank ORF Wien: Keine Bankgeschäfte mehr Colonial Bank, Alabama BB&T, North Carolina Guaranty Bank, Texas BBVA Compass, Alabama Savings and loan association Colonial Bancgroup Chapter 11 bankruptcy and liquidation Bank holding company Hypo Alpe Adria Bank Government of Austria Bank, Mortgage lender DSB Bank Bank, Insurance Cal National Bank US Bancorp Consumer and business bank AmTrust Bank New York Community Bank Bank Hypo Real Estate Government of Germany Bank, Mortgage lender First Federal Bank of California OneWest Bank, California Savings and loan association$ Philippine American Life and General Insurance Company American International Assurance Insurance company http://www.abs-cbnnews.com/business/12/18/09/aia-group-completes-acquisition-philamlife AIA Group completes acquisition of Philamlife Chesham Building Society Skipton Building Society Building society£ Banco Privado Português Government of Portugal Bankruptcy and fraud Bank€ EuroBancshares OFG Bancorp Universal bank CajaSur Banco de España Savings and loan association€ TierOne Bank Federal Deposit Insurance Corporation Commercial bank$ Ambac Chapter 11 bankruptcy and restructuring Insurance company Banco Filipino Philippine Deposit Insurance Corporation Savings and loan association$ (₱8,400,000,000) CatalunyaCaixa Government of Spain MF Global US Securities and Exchange Commission Diversified financial services$ PMI Group State of Arizona Insurance company Exportbank Philippine Deposit Insurance Corporation Commercial bank$ (₱750,000,000) Bankia Government of Spain Savings and loan association€ FGIC New York State Insurance Department Insurance company Western German state Bank Portigon Financial Services(legal successor) Landesbank

See also

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

Notes Acquired a nearly 80% share in exchange for a US$85 billion loan. Only trading assets, trading liabilities, and head offices were acquired. Only European and Middle Eastern equities and investment banking operations were acquired. Grupo Santander only acquired the savings portion of Bradford & Bingley; the company's loan portfolio was nationalised by the UK government. The Financial Supervisory Authority took control of the board of directors while Kaupthing Edge, its Internet bank, was taken over by ING Direct UK.

References