Forty Failed Banks and Credit Unions of 2008 (2024)

Linda McGlasson • December 31, 2008

Forty Failed Banks and Credit Unions of 2008 (1)

Failed banking institutions - the one number that continued to grow all year.After a year in which only three banks closed (and none the two years prior), 2008 saw 25 banks and 15 credit unions shuttered. Following is a list of the 40 banking institutions that failed in 2008.

Some Facts About Failed Banking Institutions:

Failed institutions in 2007: Banks 3 | Credit Unions 3

Failed institutions in 2008: Banks 25 | Credit Unions 15

States w/most failed institutions - 2008: CA (10), GA (5), CT, NV (3 each)

Cities w/most failed institutions - 2008: Alpharetta, GA., Bradenton, FL., Henderson, NV., Newport Beach, CA. (2 each)

Source: FDIC, NCUA.

Institution: Norlarco Credit Union
Ft. Collins, CO.
Assets/Deposits: $290 million
Date of Closure: January 24, 2008
Regulator: Colorado State Commissioner of Financial Services
Acquired By: Public Service Credit Union

Institution: Douglass National Bank
Kansas City, MO.
Assets/Deposits: $58.5 million/$53.8 million
Date of Closure: January 25, 2008
Regulator: OCC
Acquired By: Liberty Bank and Trust

Institution: Hume Bank
Hume, Mo.
Assets/Deposits: $18.7 million/$13.6 million
Date of Closure: March 7, 2008
Regulator: Commissioner of Missouri's Division of Finance
Acquired By: Security Bank

Institution: St. Luke Baptist Federal Credit Union
Laurelton, New York
Assets/Deposits: $49,734
Date of Closure: May 3, 2008
Regulator: NCUA
Acquired By: NCUA Liquidation

Institution: ANB Financial
Bentonville, AR.
Assets/Deposits: $2.1 billion/ $1.8 billion
Date of Closure: May 9, 2008
Regulator: OCC
Acquired By: Pulaski Bank and Trust Company

Institution: Columbian Bank and Trust Co.
Topeka, KS.
Assets/Deposits: $752 million/$622 million
Date of Closure: August 22, 2008
Regulator: Kansas Office of the State Bank Commissioner
Acquired by: Citizens Bank & Trust

Institution: Integrity Bank
Alpharetta, GA.
Assets/Deposits: $1.1 billion/$974 million
Date of Closure: August 29, 2008
Regulator: Georgia Department of Banking and Finance
Acquired By: Regions Bank

Institution: Valley Credit Union
San Jose, CA.
Assets/Deposits: $257 million
Date of Closure: September 2, 2008
Regulator: NCUA
Acquired By: NCUA Conservatorship

Institution: Silver State Bank
Henderson, NV.
Assets/Deposits: $2 billion/$1.7 billion
Date of Closure: September 5, 2008
Regulator: Nevada Financial Institutions Division
Acquired By: Nevada State Bank/National Bank of Arizona

Institution: Interfaith Federal Credit Union
East Orange, N.J.
Assets/Deposits: $388,000
Date of Closure: September 17, 2008
Regulator: NCUA
Acquired By: NCUA Liquidation

Institution: AmeriBank, Inc.
Northfork, W.V.
Assets/Deposits: $115 million/$102 million
Date of Closure: September 19, 2008
Regulator: OTS
Acquired By: Pioneer Community Bank, / The Citizen Savings Bank

Institution: Washington Mutual Bank
Henderson, NV.
Assets/Deposits: $307 billion/$188 billion
Date of Closure: September 25, 2008
Regulator: OTS
Acquired By: JP Morgan Chase

Institution: Kaiperm Federal Credit Union
Oakland, CA.
Assets/Deposits: $91 million
Date of Closure: September 29, 2008
Regulator: NCUA
Acquired By: Alliant Credit Union

Institution: TEXDOT WF Credit Union
Wichita Falls, TX.
Assets/Deposits: $1.8 million
Date of Closure: September 30, 2008
Regulator: NCUA
Acquired By: Postel Family Credit Union

Institution: N&W Poca Divisi
on Federal Credit Union
Bluefield, W.V.
Assets/Deposits: $6 million
Date of Closure: October 6, 2008
Regulator: NCUA
Acquired By: NCUA Liquidation

Institution: Main Street Bank
Northville, Mich.
Assets/Deposits: $98 million/$86 million
Date of Closure: Oct. 10, 2008
Regulator: Michigan Office of Financial & Insurance Services
Acquired By: Monroe Bank & Trust

Institution: Meridian Bank
Eldred, IL.
Assets/Deposits: $39.18 million/$36.88 million
Date of Closure: October 10, 2008
Regulator: Illinois Division of Banking
Acquired By: National Bank

Institution: High Desert Federal Credit Union
Apple Valley, CA.
Assets/Deposits: $149 million
Date of Closure: October 16, 2008
Regulator: NCUA
Acquired By: NCUA Conservatorship

Institution: Alpha Bank & Trust
Alpharetta, GA.
Assets/Deposits: $354.1 million/$346.2 million
Date of Closure: October 24, 2008
Regulator: Georgia Department of Banking and Finance
Acquired By: Stearns Bank, N.A.

Institution: Freedom Bank
Bradenton, FL.
Assets/Deposits: $287 million/$254 million
Date of Closure: October 31, 2008
Regulator: Florida Office of Financial Regulation
Acquired By: Fifth Third Bank

Institution: Franklin Bank SSB
Houston, TX.
Assets/Deposits: $5.1 billion/$3.7 billion
Date of Closure: November 7, 2008
Regulator: Texas Department of Savings and Mortgage Lending
Acquired By: Prosperity Bank

Institution: Security Pacific Bank
Los Angeles, CA.
Assets/Deposits: 4561.1 million/$450.1 million
Date of Closure: November 7, 2008
Regulator: California Department of Financial Institutions
Acquired By: Pacific Western

Institution: The Community Bank
Loganville, GA.
Assets/Deposits: $681 million/$611 million
Date of Closure: November 21, 2008
Regulator: Georgia Department of Banking and Finance
Acquired By: Bank of Essex

Institution: Downey Savings and Loan Association
Newport Beach, CA.
Assets/Deposits: $12.8 billion/$9.7 billion
Date of Closure: November 21, 2008
Regulator: OTS
Acquired By: U.S. Bank

Institution: PFF Bank and Trust
Pomona, CA.
Assets/Deposits: $3.7 billion/$2.4 billion
Date of Closure: November 21, 2008
Regulator: OTS
Acquired By: U.S. Bank

Institution: West Hartford Credit Union
Farmington, CT.
Assets/Deposits: $2.9 million
Date of Closure: December 5, 2008
Regulator: Connecticut Department of Banking
Acquired By: NCUA

Institution: First Georgia Community Bank
Jackson, GA.
Assets/Deposits: $$237.5 million/$197.4 million
Date of Closure: December 5, 2008
Regulator: Georgia Department of Banking and Finance
Acquired By: United Bank

Institution: Sanderson State Bank
Sanderson, TX.
Assets/Deposits: $37 million/$27.9 million
Date of Closure: December 12, 2008
Regulator: Texas Department of Banking
Acquired By: Pecos County State Bank

Institution: Haven Trust Bank
Duluth, GA.
Assets/Deposits: $572 million/$515 million
Date of Closure: December 12, 2008
Regulator: Georgia Department of Banking and Finance
Acquired By: Branch Banking & Trust Company (BB&T)

Forty Failed Banks and Credit Unions of 2008 (2024)

References