List of acquired or bankrupt banks in the late 2000s financial crisis

This is a list of financial institutions that have been affected by the Financial crisis of 2007–2009. The list includes banks (including commercial banks and investment banks), building societies and insurance companies that have either been:

• taken over or merged with another financial institution;
• nationalised by a government or central bank; or
• declared insolvent or liquidated.

In the United States, the Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the presumed Merrill Lynch acquisition by Bank of America, the Bear Stearns acquisition by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America. IndyMac Bank was also a large bank that was changed into a bridge bank by the FDIC, after its failure, until the funds can be disposed of. In addition, the investment bank Lehman Brothers has filed for Chapter 11 bankruptcy protection.

In the United Kingdom, Her Majesty's Treasury has the power to acquire failing banks under the Banking (Special Provisions) Act 2008. Using powers granted by this Act, Her Majesty's Treasury acquired the shareholdings of both Northern Rock and the Bradford & Bingley; and transferred the savings accounts of failed Icelandic banks to ING Direct. Anti-terrorism legislation has been used to seize assets of the Icelandic banks, the Government of Iceland and the Icelandic central bank in the UK.

Acquisitions

Date acquisition is announced	Acquired company	Acquirer	Type of company acquired	Value (USD, EUR and GBP)	References
02008-02-22 February 22, 2008	Northern Rock	Government of the United Kingdom	retail and mortgage bank		[1]
02008-04-01 April 1, 2008	Bear Stearns, New York City	JPMorgan Chase, New York City	Investment bank	$&0000002200000000.0000002,200,000,000	[2]
02008-06-07 June 7, 2008	Catholic Building Society	Chelsea Building Society	Building Society	£&0000000051000000.00000051,000,000	[3]
02008-07-01 July 1, 2008	Countrywide Financial, Calabasas, California	Bank of America, Charlotte, North Carolina	Subprime mortgage lender	$&0000004000000000.0000004,000,000,000	[4]
02008-07-14 July 14, 2008	Alliance & Leicester	Grupo Santander	retail and mortgage bank	£&0000001260000000.0000001,260,000,000	[5]
02008-08-26 August 26, 2008	Roskilde Bank	Danmarks Nationalbank (Danish Central Bank)	Retail bank	$&0000000896800000.000000896,800,000 (kr4,500,000,000)	[6]
02008-09-07 September 7, 2008	Fannie Mae and Freddie Mac	Federal Housing Finance Agency	Subprime mortgage lender		[7][8][9]
02008-09-08 September 8, 2008	Derbyshire Building Society	Nationwide Building Society	Building society	£&0000007100000000.0000007,100,000,000	[10]
02008-09-08 September 8, 2008	Cheshire Building Society	Nationwide Building Society	Building society	£&0000004900000000.0000004,900,000,000	[11]
02008-09-14 September 14, 2008	Merrill Lynch, New York City	Bank of America, Charlotte, North Carolina	Investment bank	$&0000044000000000.00000044,000,000,000	[12]
02008-09-16 September 16, 2008 - Presumed	American International Group, New York City	United States federal governmentA	Insurance company	$&0000182000000000.000000182,000,000,000	[13]
02008-09-17 September 17, 2008 -	Lehman Brothers, New York City B	Barclays plc	Investment bank	$&0000001300000000.0000001,300,000,000	[14]
02008-09-18 September 18, 2008	HBOS	Lloyds TSB	Diversified financial services	$&0000021850000000.00000021,850,000,000	[15]
02008-09-26 September 26, 2008	Washington Mutual, Seattle, Washington	JPMorgan Chase, New York City	Savings and loan association	$&0000001900000000.0000001,900,000,000	[16]
02008-09-26 September 26, 2008	Lehman BrothersC	Nomura Holdings	Investment bank	$&0000000000000002.0000002	[17]
02008-09-28 September 28, 2008	Bradford & BingleyD	Government of the United Kingdom (Mortgage Assets) Grupo Santander (Savings Liabilities)	Diversified financial services	£&0000021100000000.00000021,100,000,000	[18]
02008-09-28 September 28, 2008	Fortis	Government of the Netherlands (Dutch assets including ABN AMRO) BNP Paribas (Belgian and Luxembourg assets)	Diversified financial services	€&Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ",".Expression error: Unrecognised punctuation character ","11,200,000,000	[19]
02008-09-30 September 30, 2008	Dexia	The Belgian, French and Luxembourg governments	Public finance and retail		[20]
02008-10-03 October 3, 2008	Wachovia, Charlotte, North Carolina	Wells Fargo, San Francisco, California F	Retail and investment banking	$&0000015000000000.00000015,000,000,000	[21]
02008-10-07 October 7, 2008	Landsbanki	Icelandic Financial Supervisory Authority	Commercial Bank		[22][23]
02008-10-08 October 8, 2008	Glitnir	Icelandic Financial Supervisory Authority	Commercial bank		[24][25]
02008-10-09 October 9, 2008	Kaupthing Bank	Icelandic Financial Supervisory Authority	Commercial bank		[26][27]
02008-10-09 October 9, 2008	BankWest (subsidiary of HBOS)	Commonwealth Bank of Australia	Bank	£&0000001200000000.0000001,200,000,000	[28]
02008-10-13 October 13, 2008	Sovereign Bank, Wyomissing, Pennsylvania	Banco Santander SA	Bank	$&0000001900000000.0000001,900,000,000	[29]
02008-10-22 October 22, 2008	Barnsley Building Society	Yorkshire Building Society	Building society	£&0000000376000000.000000376,000,000	[30]
02008-10-24 October 24, 2008	National City Bank, Cleveland, Ohio	PNC Financial Services, Pittsburgh, Pennsylvania	Bank	$&0000005580000000.0000005,580,000,000	[31]
02008-10-24 October 24, 2008	Commerce Bancorp, Cherry Hill, New Jersey	Toronto-Dominion Bank, Toronto, Canada	Bank	$&0000008500000000.0000008,500,000,000	[32]
02008-11-04 November 4, 2008	Scarborough Building Society	Skipton Building Society	Building Society		[33]
02009-01-10 January 10, 2009	IndyMac Federal Bank	IMB Management Holdings	Savings and loan association	$&0000013900000000.00000213,900,000,000	[34]
02009-01-15 January 15, 2009	Anglo Irish Bank	Government of the Republic of Ireland	Bank		[35]
02009-02-03 February 3, 2009	BTA Bank	Government of Kazakhstan	Bank	$&0000002100000000.0000002,100,000,000	[36]
02009-02-03 February 3, 2009	Alliance Bank	Government of Kazakhstan	Bank		[36]
02009-02-21 February 21, 2009	Bank of Antigua	Eastern Caribbean Central Bank	Bank		[37]
02009-03-09 March 9, 2009	Straumur Investment Bank	Icelandic Financial Supervisory Authority	Investment Bank		[38]
02009-03-09 March 9, 2009	Dunfermline Building Society	Bank of England (social housing loans) Nationwide Building Society (savings, residential mortgages, branch network)	Building Society		[39]
02009-03-29 March 29, 2009	Caja de Ahorros Castilla La Mancha	Banco de España	Savings and loan association	€&0000009000000000.0000009,000,000,000	[40]
02009-12-18 December 18, 2009	Philippine American Life and General Insurance Company	American International Assurance	Insurance company		[41]

British banking rescue scheme

Her Majesty's Government announced a scheme to acquire stakes in 3 of the largest UK banks. The schemes for HBOS and Lloyds TSB were conditional on the merger between the 2 banking groups going ahead.

Date acquisition is announced	Acquired company	Acquirer	Type of company acquired	Value (USD, EUR and GBP)	References
02008-10-13 October 13, 2008	Royal Bank of Scotland Group (up to 63% Bought)	Government of the United Kingdom	Bank	£&0000020000000000.00000020,000,000,000	[42][43]
02008-10-13 October 13, 2008	HBOS (up to 43.5% Bought)	Government of the United Kingdom	Bank	£&0000013000000000.00000013,000,000,000	[42][43]
02008-10-13 October 13, 2008	Lloyds TSB (up to 43.5% Bought)	Government of the United Kingdom	Bank	£&0000004000000000.0000004,000,000,000	[43]

Failures

United States

See List of acquired or bankrupt United States banks in the late 2000s financial crisis

United Kingdom

Banks that have been put into administration; or the assets have been transferred to another bank under the provisions of the Banking (Special Provisions) Act 2008. Building Societies (or parts thereof) placed into administration under the Building Society Special Administration Procedure.

Latvia

See also

• List of business failures

Notes

• ^A Acquired a nearly 80% share in exchange for a US$85 billion loan, yet to be approved by acquiree's shareholders.^[13]
• ^B Only trading assets, trading liabilities, and head offices were acquired.^[14]
• ^C Only European and Middle Eastern equities and investment banking operations were acquired.^[17]
• ^D Grupo Santander only acquired the savings portion of Bradford & Bingley; the company's loan portfolio was nationalised by the UK government.^[47]
• ^E Only retail and investment banking subsidiaries will be acquired if the Citigroup deal took place.^[48]
• ^F Wells Fargo made a second agreement that cancelled out the Citigroup deal. Citigroup is taking legal action.^[21]
• ^G Per the The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008
• ^H Per the The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008

References