25 failures ยท $372 billion in assets
Bank failures in 2008
25 insured banks failed in 2008, up from 3 in 2007. Together they reported $372 billion in assets, and the FDIC's estimated loss on them is $17.7 billion. The largest was Washington Mutual Bank of Henderson, Nevada, at $307 billion. The costliest for the insurance fund was IndyMac Bank, at an estimated $12.0 billion. California led with 5 failures, ahead of Georgia with 5. The FDIC also recorded five assistance transactions that year, kept open rather than closed, and listed separately below.
Week by week
- $1 billion or more
- $100 million to $1 billion
- under $100 million
Where they failed
Failures by state in 2008: California 5, Georgia 5, Nevada 3, Missouri 2, Florida 2, Texas 2, Arkansas 1, Minnesota 1, Kansas 1, West Virginia 1, Michigan 1, Illinois 1.
Explore
Filter and sort the 2008 failures by state, size or loss. Other years: 2009.
| Closed | Bank | Location | Acquired by | Total assets | Est. loss |
|---|---|---|---|---|---|
| January 25, 2008 | Douglass National Bank | Kansas City, MO | Liberty Bank and Trust Company | $52.8 million | $7.2 million |
| March 7, 2008 | Hume Bank | Hume, MO | Security Bank | $18.7 million | $3.8 million |
| May 9, 2008 | ANB Financial, NA | Bentonville, AR | Pulaski Bank and Trust Company | $1.9 billion | $1.0 billion |
| May 30, 2008 | First Integrity Bank, NA | Staples, MN | First International Bank and Trust | $52.9 million | $10.3 million |
| July 11, 2008 | IndyMac Bank | Pasadena, CA | OneWest Bank, FSB | $30.7 billion | $12.0 billion |
| July 25, 2008 | First National Bank of Nevada | Reno, NV | Mutual of Omaha Bank | $3.4 billion | $710 million |
| July 25, 2008 | First Heritage Bank, NA | Newport Beach, CA | Mutual of Omaha Bank | $255 million | $92.1 million |
| August 1, 2008 | First Priority Bank | Bradenton, FL | SunTrust Bank | $259 million | $95.6 million |
| August 22, 2008 | The Columbian Bank and Trust Company | Topeka, KS | Citizens Bank & Trust | $735 million | $334 million |
| August 29, 2008 | Integrity Bank | Alpharetta, GA | Regions Bank | $1.1 billion | $466 million |
| September 5, 2008 | Silver State Bank | Henderson, NV | Nevada State Bank | $2.0 billion | $722 million |
| September 19, 2008 | Ameribank | Northfork, WV | The Citizens Savings Bank ********** Pioneer Community Bank, Inc. | $104 million | $38.3 million |
| September 25, 2008 | Washington Mutual Bank | Henderson, NV | JP Morgan Chase Bank | $307 billion | none |
| October 10, 2008 | Main Street Bank | Northville, MI | Monroe Bank & Trust | $112 million | $56.3 million |
| October 10, 2008 | Meridian Bank | Eldred, IL | National Bank | $38.2 million | $16.6 million |
| October 24, 2008 | Alpha Bank & Trust | Alpharetta, GA | Stearns Bank, N.A. | $354 million | $211 million |
| October 31, 2008 | Freedom Bank | Bradenton, FL | Fifth Third Bank | $271 million | $113 million |
| November 7, 2008 | Franklin Bank, SSB | Houston, TX | Prosperity Bank | $5.1 billion | $614 million |
| November 7, 2008 | Security Pacific Bank | Los Angeles, CA | Pacific Western Bank | $528 million | $148 million |
| November 21, 2008 | Downey Savings and Loan Association, F.A. | Newport Beach, CA | U.S. Bank, N.A. | $12.8 billion | $151 million |
| November 21, 2008 | PFF Bank & Trust | Pomona, CA | U.S. Bank, N.A. | $3.7 billion | $259 million |
| November 21, 2008 | The Community Bank | Loganville, GA | Bank of Essex | $635 million | $335 million |
| December 5, 2008 | First Georgia Community Bank | Jackson, GA | United Bank | $256 million | $86.3 million |
| December 12, 2008 | Haven Trust Bank | Duluth, GA | Branch Banking & Trust Company, (BB&T) | $560 million | $247 million |
| December 12, 2008 | Sanderson State Bank | Sanderson, TX | The Pecos County State Bank | $38.2 million | $7.7 million |
Assistance transactions in 2008
In these cases the FDIC or another insurer gave financial help to an insured institution instead of closing it outright. They are not counted as failures on this site.
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| November 23, 2008 | Citibank, National Association | Las Vegas, NV | $1,207 billion | not estimated |
| November 23, 2008 | Citibank (South Dakota), N.A. | Sioux Falls, SD | $77.7 billion | not estimated |
| November 23, 2008 | Citicorp Trust Bank, FSB | Wilmington, DE | $19.6 billion | not estimated |
| November 23, 2008 | Citibank (Banamex USA) | Century City, CA | $1.3 billion | not estimated |
| November 23, 2008 | Department Stores National Bank | Sioux Falls, SD | $375 million | not estimated |