List of bankrupt or acquired banks during the financial crisis of 2007–2008

List of bankrupt or acquired banks during the financial crisis of 2007–2008

This is a list of financial institutions that have been affected by the Financial crisis of 2007–2008. 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 legilsation has been used to seize assets of the Icelandic banks, the Government of Iceland and the Icelandic central bank in the UK.

Acquisitions

ee also

* List of business failures

Notes

*Acquired a nearly 80% share in exchange for a ]
*Well Fargo made a second agreement that cancelled out the Citigroup deal. Citigroup is taking legal action.
*The Icelandic Financial Supervisory Authority has announced that it will not honour its commitment to British savers, and Her Majesty's Treasury has announced that the UK's Financial Compensation Scheme will payout for all Icesave customers in the UK, over and above the usual £50,000 limit
*Per the [http://www.opsi.gov.uk/si/si2008/uksi_20082644_en_1 The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008]
*Per the [http://www.opsi.gov.uk/si/si2008/uksi_20082674_en_1 The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008]

References


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