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Continental Illinois can be traced back to two Chicago banks, the Commercial National Bank, founded during the American Civil War, and the Continental National Bank, founded in 1883. In 1910, the two banks merged to form the Continental & Commercial National Bank of Chicago with $175 million in deposits – a large bank at the time. In 1932 the ...
Riverside National Bank of Florida Fort Pierce: Florida: 2010 $3.4 billion $4.9 billion Midwest Bank and Trust Company Elmwood Park: Illinois: 2010 $3.2 billion $4.6 billion First National Bank, also operating as The National Bank of El Paso Edinburg: Texas: 2013 $3.1 billion $4.2 billion [15] Superior Bank Birmingham: Alabama: 2011 $3.0 billion
[51] 1984 saw the largest commercial bank failure to date, that of Continental Illinois, which was infamously branded "too big to fail". [52] The bank failed amid a rise in foreign non-performing loans (mostly in Latin America) and an electronic bank run. The FDIC stepped in to prevent the failure of almost 2,300 smaller banks which had their ...
Most bank failures don't make front-page news, so many people don't know how often they happen. Recently, however, the second-biggest bank failure in American history dominated headlines as Silicon...
The receivership 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 the banks's assets to JPMorgan Chase , which planned to write down the value of Washington Mutual's loans at least $31 billion.
The Continental Illinois National Bank and Trust Company experienced a fall in its overall asset quality during the early 1980s. Tight money, Mexico's default (1982) and plunging oil prices followed a period when the bank had aggressively pursued commercial lending business, Latin American syndicated loan business, and loan participation in the ...
Failed banks. Date closed. Northern Star Bank, Mankato, Minn. 12/19/2014. Frontier Bank (dba El Paseo Bank), Palm Desert, Calif. 11/07/2014. The National Republic Bank of Chicago
With $32 billion in assets, IndyMac Bank is one of the largest bank failures in American history, after the 1984 failure of Continental Illinois National Bank, [31] with $40 billion of assets, and the 1988 failure of American Savings and Loan Association of Stockton, California. [8] due to large losses in mortgage-backed securities. [32]