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Calendar Year

1998 in US Banking

1,476 bank events are on record for 1998: 3 failures, 1,286 mergers or acquisitions involving a bank, credit union or bank holding company, and 187 enforcement actions.

3
Failures
$290.2M in failed assets
1,286
Mergers
Federal Reserve NIC, banking organizations
187
Enforcement
OCC, FDIC, FRB, OTS and SEC 8-K filings

Jump to: Bank failures 1998 · Bank mergers 1998

How many banks failed in 1998?

3 banks failed in 1998, with $290.2M in assets. Each failure below links to its own page.

Date Bank HQ Assets Acquirer or resolution
Aug 7, 1998 Q Bank Fort Benton, MT $15.0M Heritage State Bank
Jul 23, 1998 Bestbank Boulder, CO $233.2M The Pueblo Bank and Trust C
Apr 9, 1998 Omnibank River Rouge, MI $42.0M Shorebank, Detroit

Which banks merged in 1998?

1,286 mergers or acquisitions involving a bank, credit union or bank holding company are on record for 1998.

See the fuller list: Bank mergers 1998 with largest deals and credit union mergers ›

Date Acquired St Acquirer
Dec 31, 1998 Sedalia Computer Services, Inc. MO The Union Savings Bank
Dec 31, 1998 Southwest National Corporation PA First Commonwealth Financial Corporation
Dec 31, 1998 The Trust Company MO Gold Trust Company
Dec 31, 1998 Conrad Bancorporation IA Central Iowa Bancorporation, Inc.
Dec 31, 1998 Bank of Vancouver WA West Coast Bank
Dec 31, 1998 Evergreen Bancorp, Inc. NY Banknorth Group, Inc.
Dec 31, 1998 Langdon Bank Holding Company ND Walhalla Bank Holding Company
Dec 31, 1998 Paola - Citizens Bancshares, Inc. KS Citizens State Bank
Dec 31, 1998 Citizens Bank of Southern Indiana IN Fifth Third Bank, Indiana
Dec 31, 1998 Citizen's Trust Company of Indiana, N.A. IN Fifth Third Bank, Indiana
Dec 31, 1998 The Brown Bank GA FLAG Bank
Dec 31, 1998 Exchange Bancshares, Inc. OK Skiatook Bancshares, Inc.
Dec 31, 1998 Centennial Bank WA West Coast Bank
Dec 31, 1998 Cornerstone Northwest Mortgage, Inc. WA Pacific Northwest Bank
Dec 31, 1998 Horizon Bancorp, Inc. WV City Holding Company
Dec 31, 1998 Pacific Capital Bancorp CA Pacific Capital Bancorp
Dec 31, 1998 Citizens Bank of Kentucky KY Fifth Third Bank, Indiana
Dec 31, 1998 The Citizens National Bank of Evansville IN Fifth Third Bank, Indiana
Dec 31, 1998 North American Trust Company CA City National Bank
Dec 31, 1998 Lanco Credit Union AL Azalea City Credit Union
Dec 31, 1998 Saint James Bancorporation, Inc. LA Regions Financial Corporation
Dec 31, 1998 Southeast Bancorp, Inc. KY Union Planters Holding Corporation
Dec 31, 1998 Laplace Bancshares, Inc. LA Union Planters Holding Corporation
Dec 31, 1998 Industrial Bank CA Washington Mutual Bank
Dec 31, 1998 Citizens Bank of Central Indiana IN Fifth Third Bank, Indiana
Dec 31, 1998 Community Trust Bank of West Virginia, National Association WV Community Trust Bank, Inc.
Dec 31, 1998 Community Bank of Naples, N.A. FL First Gulf Bank, N.A.
Dec 31, 1998 The Commercial Bank OR West Coast Bank
Dec 31, 1998 Citizens Bank of Illinois, National Association IL Fifth Third Bank, Indiana
Dec 31, 1998 FSB, Inc. TN Union Planters Holding Corporation
Dec 31, 1998 Citizens Bank of Western Indiana IN Fifth Third Bank, Indiana
Dec 31, 1998 PNB Financial Group CA Western Bancorp
Dec 31, 1998 Allegiant Mortgage Company MO Allegiant Bank
Dec 31, 1998 Providence Federal Credit Union OH Faith Community United Credit Union Inc.
Dec 30, 1998 First Community Bank-FCB MO First Community Bank
Dec 30, 1998 Plainview National Bank NE Midwest Bank
Dec 30, 1998 The American National Bank of Creighton NE Midwest Bank
Dec 30, 1998 Garwin Bancorporation IA Lincoln Bancorp
Dec 30, 1998 Greene Bancorporation IA Lincoln Bancorp
Dec 30, 1998 The Nebraska Security Bank NE Midwest Bank
Dec 30, 1998 The Farmers National Bank in Pilger NE Midwest Bank
Dec 29, 1998 Northern Illinois Bancorp, Inc. IL First American Bank Corporation
Dec 29, 1998 First Security Bank of Belgrade MT First Security Bank
Dec 29, 1998 Banc One Indiana Corporation IN Bank One Corporation
Dec 29, 1998 Employees of Imperial Federal Credit Union NY GP Community Federal Credit Union
Dec 28, 1998 The Century National Bank and Trust Company PA Sky Bank
Dec 24, 1998 Monarch Bank, FSB NJ Provident Bank
Dec 24, 1998 Belmont Associates, Inc. MA Provident Bank
Dec 22, 1998 American Coil Spring Employees Federal Credit Union MI Service 1 Federal Credit Union
Dec 22, 1998 Paola-Citizens Investment Company, Inc. KS Citizens State Bank

The list holds 500 of the 1,286 mergers recorded for 1998.

Enforcement Actions in 1998

Action date Agency Institution Action
Dec 22, 1998 OCC Merchants Bank of California, N.A. Safety and Soundness Order (issued under 12 CFR 30): Merchants Bank of California, National …
Dec 18, 1998 OCC First National Bank of Crestview Civil Money Penalty (CMP): Clark, Timothy M.
Dec 18, 1998 OCC First National Bank of Crestview Civil Money Penalty (CMP): Clark, W. Max
Dec 16, 1998 FRB (individual) Cease and Desist Order: Ricardo Carrasco
Dec 16, 1998 FRB Incus Co. Ltd. Notice of Intent: Carlos Hank Rhon
Dec 16, 1998 FRB (individual) Prohibition from Banking: Ricardo Carrasco
Dec 15, 1998 OCC_OTS Labe Federal Bank for Savings Supervisory Agreement: Labe Federal Bank for Savings
Dec 15, 1998 OCC_OTS Labe Federal Bank for Savings Supervisory Agreement: Labe Federal Bank for Savings
Dec 14, 1998 FRB Bankers Company of New York Civil Money Penalty, $15,000: Kassahum Kebede
Dec 14, 1998 OCC_OTS Standard Financial Corporation Orders of Removal/Prohibition: Lana R. Remus
Dec 14, 1998 OCC Landmark Community Bank, National Association Formal Agreement: Landmark Community Bank, N.A.
Dec 14, 1998 OCC The First National Bank of Littlefield Formal Agreement: The First National Bank of Littlefield
Dec 14, 1998 FRB Chemical New York, Inc. Prohibition from Banking: Fred J. Smilek
Dec 14, 1998 FRB Zia New Mexico Bank Cease and Desist Order: Zia New Mexico Bank, Tucumcari, NM
Dec 10, 1998 FRB Adairsville Bancshares, Inc. Written Agreement: Adairsville Bancshares, Inc., Adairsville, GA and Bank of Adairsville, Adairsville, GA
Dec 10, 1998 OCC_OTS (individual) Supervisory Agreement: Valley Bank
Dec 10, 1998 OCC (individual) Formal Agreement: Bremer Bank, N.A.
Dec 10, 1998 OCC_OTS Valley Bank of Maryland Supervisory Agreement: Valley Bank of Maryland
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Church, Terry L.
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Pais, Louis J.
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Ragos, Andres L.
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Gibson, Michael F.
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Cherry, Billie J.
Dec 8, 1998 OCC The First National Bank of Keystone Civil Money Penalty (CMP): Budnick, Julian G.
Dec 4, 1998 OCC_OTS (individual) Supervisory Agreement: Family Savings Bank, FSB
Dec 4, 1998 OCC_OTS (individual) Supervisory Agreement: Family Savings Bank, FSB
Dec 2, 1998 OCC_OTS Gilmer Savings Bank, F.S.B. Supervisory Agreement: Gilmer Savings Bank, FSB
Dec 2, 1998 OCC_OTS Gilmer Savings Bank, F.S.B. Supervisory Agreement: Gilmer Savings Bank
Dec 2, 1998 OCC_OTS Coast Federal Bank, FSB Orders of Removal/Prohibition: Francesca Devivo
Nov 30, 1998 FRB Fe-San Francisco Ca, LLC Prohibition from Banking: Putra Masagung
Nov 30, 1998 FRB Fe-San Francisco Ca, LLC Cease and Desist Order: Putra Masagung
Nov 30, 1998 FRB P.T. Gunung Agung Cease and Desist Order: P.T. Gunung Agung, Ltd. Corporation, Jakarta, Indonesia
Nov 30, 1998 OCC Mission National Bank Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): Mission National Bank
Nov 30, 1998 FRB Fe-San Francisco Ca, LLC Civil Money Penalty $250,000: Putra Masagung
Nov 30, 1998 FRB (individual) Civil Money Penalty $50,000: P.T. Ekspor Impor Bank Indonesia (Persero) Jakarta, Indonesia and P.T. …
Nov 30, 1998 FRB P.T. Gunung Agung Civil Money Penalty $200,000: P.T. Gunung Agung, Ltd. Corporation, Jakarta, Indonesia
Nov 30, 1998 OCC Yampa Valley Bank Formal Agreement: Yampa Valley National Bank
Nov 30, 1998 OCC (individual) Prohibition/Removal Orders: Redemann, James J.
Nov 19, 1998 OCC Surety Bank, National Association Formal Agreement: Surety Bank, National Association
Nov 19, 1998 OCC Broad National Bancorporation Formal Agreement: Broad National Bank
Nov 16, 1998 OCC_OTS (individual) Termination of Cease and Desist: John J. Frasier Jr.
Nov 13, 1998 FRB Southern Security Bank Corporation Written Agreement: Southern Security Bank, Hollywood, FL
Nov 10, 1998 FRB Frontier Bank of Laramie County Cease and Desist Order: Frontier Bank of Laramie County, Cheyenne, Wyoming
Nov 9, 1998 OCC_OTS (individual) Termination of Cease and Desist: Dr. Henry J. Boehm Jr.
Nov 9, 1998 OCC_OTS First Federal Savings Bank Termination of Cease and Desist: Dr. Henry J. Boehm Jr.
Nov 3, 1998 OCC_OTS Perpetual Savings and Loan Association Orders of Removal/Prohibition: Kathy M. McKee
Nov 2, 1998 FRB (individual) Cease and Desist Order: William Shilstone
Oct 15, 1998 OCC_OTS (individual) Civil Money Penalty: Bruce L. Ripper
Oct 15, 1998 OCC First National Bank Formal Agreement: First National Bank Of Rotan
Oct 14, 1998 OCC_OTS Blue River Federal Savings Bank Supervisory Agreement: Blue River Federal Savings Bank

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