2008 United States bank failures

2008 United States bank failures

Fifteen United States banks have failed and been taken over by the Federal Deposit Insurance Corporation (FDIC) in 2008 as of September 25, 2008,cite web|url=http://www.fdic.gov/bank/individual/failed/banklist.html|title=Failed Bank List|work=Federal Deposit Insurance Corporation|publisher=United States Government|accessdate=2008-09-25] after only three failures in 2007 and none in 2006 or 2005.cite news|url=http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20080804/NEWS05/808040319/1064|title=Do you know where your bank is?|last=Robertson Jr. |first=Austin G. |date=2008-08-04|publisher=Shreveport Times|accessdate=2008-08-04]

A bank failure is the closing of a bank by a federal or state banking regulatory agency. The FDIC seizes a bank's assets when its capital levels are too low, or it cannot meet obligations the next day.cite web|url=http://www.fdic.gov/consumers/banking/facts/index.html|title= When a Bank Fails - Facts for Depositors, Creditors, and Borrowers|publisher=Federal Deposit Insurance Corporation|accessdate=2008-09-26] After seizing a bank's assets, the FDIC acts in two capacities—first, it pays insurance to the depositors, up to the deposit insurance limit, for assets not sold to another bank. Second, as the receiver of the failed bank, it assumes the task of selling and collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit. The FDIC insures up to $250,000 per depositor, per insured bank, as a result of the Emergency Economic Stabilization Act of 2008, which raised the limit from $100,000. On October 10, the FDIC officially approved the new limit. [cite news|url=http://www.iht.com/articles/ap/2008/10/10/business/NA-US-FDIC-Insurance-Limits.php|title=FDIC approves $250,000 insurance limit|date=2008-10-10|publisher=International Herald Tribune|accessdate=2008-10-11]

Early in 2008, the FDIC, anticipating a string of bank failures in 2008, began hiring retirees from its division of resolutions and receiverships. [cite news|url=http://online.wsj.com/article/SB120398607404892133.html?mod=hps_us_whats_news|title=FDIC to Add Staff as Bank Failures Loom|last=Paletta|first=Damian|date=2008-26-02|publisher=Wall Street Journal|accessdate=2008-08-04] In late August, the FDIC reported that its list of 'problem banks' has risen to 117 banks, and it might have to ask the U.S. Treasury Department for more funds to cover an anticipated wave of new bank failures. [cite news|url=http://www.iht.com/articles/2008/08/27/business/27marketsfw.php|title=European stocks fall on bank fears; oil rises|date=2008-08-27|publisher=International Herald Tribune|accessdate=2008-08-31] On August 26, 2008, FDIC Chairman Bair said that she expects more banks to join the agency's watchlist, and said the FDIC is considering raising the premium banks pay for FDIC insurance, in order to replenish the dwindling $45.2 billion insurance fund. [cite news|url=http://www.reuters.com/article/businessNews/idUSMAR66735620080826|title= FDIC sees 117 problem banks; most since 2003|last=Wutkowski|first=Karey|date=2008-08-26|publisher=Reuters|accessdate=2008-09-29]

The seizure of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of WaMu's assets to JPMorgan Chase, which absorbed at least $31 billion in losses that normally would have fallen to the FDIC. [cite news|url=http://www.nytimes.com/2008/09/26/business/26wamu.html|title=Government Seizes WaMu and Sells Some Assets |last=SORKIN|first=ANDREW ROSS|coauthors=ERIC DASH|date=2008-09-25|work=New York Times|publisher=New York Times Publishing|accessdate=2008-09-26]

=List of bank failures in 2008=

# Douglass National Bank, Kansas City, MO. Failed on January 25, 2008
# Hume Bank, Hume, MO. Failed on March 7, 2008
# ANB Financial, NA, Bentonville, AR. Failed on May 9, 2008
# First Integrity Bank, NA, Staples, MN. Failed on May 30, 2008
# IndyMac Bank, Pasadena, CA. Failed on July 11, 2008
# First National Bank of Nevada, Reno, NV. Failed on July 25, 2008
# First Heritage Bank, NA, Newport Beach, CA. Failed on July 25, 2008
# First Priority Bank, Bradenton, FL. Failed on August 1, 2008
# The Columbian Bank and Trust Company, Topeka, KS. Failed on August 22, 2008
# Integrity Bancshares Inc., Alpharetta, GA. Failed on August 29, 2008
# Silver State Bank, Henderson, NV. Failed on September 5, 2008
# Ameribank, Northfork, WV. Failed on September 19, 2008
# Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT. Failed on September 25, 2008
# Main Street Bank, Northville, MI. Failed on October 10, 2008
# Meridian Bank, Eldred, IL. Failed on October 10, 2008


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