Failed Bank List

11 failures ยท $2.9 billion in assets

Bank failures in 2002

Eleven insured banks failed in 2002, up from 4 in 2001. Together they reported $2.9 billion in assets, and the FDIC's estimated loss on them is $415 million. The largest was Hamilton Bank, N.A. of Miami, Florida, at $1.4 billion. The costliest for the insurance fund was NextBank, NA, at an estimated $164 million.

Week by week

  • $1 billion or more
  • $100 million to $1 billion
  • under $100 million
Bank failures in 2002 by week of closingHamilton Bank, N.A., 2002-01-11Bank of Sierra Blanca, 2002-01-18Oakwood Deposit Bank Co., 2002-02-01NextBank, NA, 2002-02-07Net First National Bank, 2002-03-01New Century Bank, 2002-03-28Connecticut Bank of Commerce, 2002-06-26Universal Federal Savings Bank, 2002-06-27AmTrade International Bank, 2002-09-30Bank of Alamo, 2002-11-08Farmers Bank & Trust of Cheneyville, 2002-12-17JanFebMarAprMayJunJulAugSepOctNovDec
One square per failed bank, stacked in the week it closed. 45% of these closings fell on a Friday. The median estimated loss was 16% of a failed bank's assets.

Where they failed

Failures by state in 2002: Florida 2, Texas 1, Ohio 1, Arizona 1, Michigan 1, Connecticut 1, Illinois 1, Georgia 1, Tennessee 1, Louisiana 1.

Explore

Filter and sort the 2002 failures by state, size or loss. Other years: 2001.

All 11 failures in 2002, in closing order
ClosedBankLocationAcquired byTotal assetsEst. loss
January 11, 2002Hamilton Bank, N.A.Miami, FLIsrael Discount Bank of New York$1.4 billion$102 million
January 18, 2002Bank of Sierra BlancaSierra Blanca, TXThe Security State Bank of Pecos$10.8 million$4.6 million
February 1, 2002Oakwood Deposit Bank Co.Oakwood, OHThe State Bank & Trust Company$72.3 million$63.6 million
February 7, 2002NextBank, NAPhoenix, AZNo acquirer (payout)$700 million$164 million
March 1, 2002Net First National BankBoca Raton, FLBank Leumi USA$37.2 millionnone
March 28, 2002New Century BankShelby Township, MINo acquirer (payout)$21.1 million$4.4 million
June 26, 2002Connecticut Bank of CommerceStamford, CTHudson United Bank$384 million$53.8 million
June 27, 2002Universal Federal Savings BankChicago, ILChicago Community Bank$51.6 million$274 thousand
September 30, 2002AmTrade International BankAtlanta, GANo acquirer (payout)$92.1 million$1.3 million
November 8, 2002Bank of AlamoAlamo, TNNo acquirer (payout)$58.5 million$9.3 million
December 17, 2002Farmers Bank & Trust of CheneyvilleCheneyville, LASabine State Bank & Trust$35.3 million$12.2 million