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In 1984, Continental Illinois faced what was then the largest bank failure in U.S. history, when a run on the bank led to its seizure by the Federal Deposit Insurance Corporation (FDIC). The bank nearly collapsed under the weight of bad debt associated with oil industry financing associated with the energy price boom of the late 1970s.
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 Continental Illinois Bank Building in Chicago. Commonly referred to as the first too-big-to-fail bank, Continental Illinois was seized by the FDIC in 1984 after a fear of bad loans ignited a ...
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.
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]