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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 ...
In 1984, the Continental Illinois National Bank and Trust Company, the nation's seventh-largest bank (with $45 billion in assets), failed. The bank had first approached failure in July 1982, when the Penn Square Bank, which had partnered with Continental Illinois in a number of high-risk lending ventures, collapsed. However, federal regulators ...
Continental Illinois National Bank and Trust: Chicago: Illinois: 1984 $40.0 billion $121 billion [3] [8] First Republic Bank Corporation: Dallas: Texas: 1988 $32.5 billion $86 billion [9] American Savings and Loan: Stockton: California: 1988 $30.2 billion $80 billion Bank of New England: Boston: Massachusetts: 1991 $21.7 billion $50 billion [9 ...
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...
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
The investigation by the FDIC after the bank failure uncovered 451 possible criminal violations. [5] The bank is often cited as being partly responsible for the collapse of Continental Illinois National Bank and Trust Company [6] of Chicago, which had to write off $326 million in loans purchased from Penn Square. [7]
Similarly, there were five Federal Deposit Insurance Corp. (FDIC) bank failures in 2023 and one bank failure so far this year. Before this, there were no FDIC bank failures from 2021 to the ...
[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 ...