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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 8, 1998 American Bancshares of Arkansas, Inc. AR Simmons First National Corporation
Dec 8, 1998 West Texas National Bancshares, Inc. TX South Plains Financial, Inc.
Dec 8, 1998 Lockney Holding Company DE South Plains Financial, Inc.
Dec 7, 1998 McNeil-Ortho Employees Federal Credit Union PR Financial Resources Federal Credit Union
Dec 5, 1998 Merchants Capital Corporation MS Bancorpsouth, Inc.
Dec 5, 1998 The First National Bank of Greenville AL Whitney National Bank
Dec 5, 1998 Merchants Bank MS Cadence Bank
Dec 5, 1998 Nisswa State Bank MN Lakewood Bank, National Association
Dec 5, 1998 The Federal Savings Bank MA USTrust
Dec 5, 1998 Jasper County Federal Employees Credit Union IA First Class Community Credit Union
Dec 5, 1998 American Community Bank, National Association OH SKY Bank
Dec 5, 1998 The Sandwich Co-operative Bank MA Compass Bank for Savings
Dec 5, 1998 Amerifirst Bank, National Association OH SKY Bank
Dec 5, 1998 The Bank of Gwinnett County GA Premier Bank
Dec 4, 1998 Froid Bankshares, Inc. MT First Community Bancorp, Inc.
Dec 4, 1998 First Bank of Arkansas AR Regions Bank
Dec 2, 1998 First State Bank TX Vista Bank
Dec 1, 1998 Stone 360 Employees Credit Union IL Alero Financial Credit Union
Dec 1, 1998 Texas Bank and Trust TX Colonial Bank
Dec 1, 1998 Bank of Georgia GA AFB&T
Dec 1, 1998 Bank of Lyons IL BankChicago
Dec 1, 1998 TB&T, Inc. TX The Colonial Bancgroup, Inc.
Dec 1, 1998 Citizens Building, Inc. KS Citizens State Bank
Dec 1, 1998 Local America Bank of Tulsa, A Federal Savings Bank OK Local Oklahoma Bank
Dec 1, 1998 Downey Bancorp CA California Financial Bancorp
Dec 1, 1998 Kingfisher Bancorp, Inc. OK BancFirst Corporation
Dec 1, 1998 Davis Standard Employees Credit Union CT Connecticut Community Credit Union, Inc.
Dec 1, 1998 Monocacy Bancshares, Inc. MD F&M Bancorp
Dec 1, 1998 United Community Bankshares, Inc. VA Atlantic Financial Corp.
Dec 1, 1998 TNB Bancorporation, Inc. TX Texas Financial Bancorporation, Inc.
Dec 1, 1998 Progressive Bancshares, Inc. KY Integra Bank Corporation
Dec 1, 1998 Gore-Bronson Bancorp, Inc. IL Popular North America, Inc.
Dec 1, 1998 Davis Employees Credit Association Credit Union GA Alero Financial Credit Union
Dec 1, 1998 TNB Bancorporation of Delaware, Inc. DE Delaware Financial, Inc.
Dec 1, 1998 Culligan USA Employees Credit Union IL Alero Financial Credit Union
Dec 1, 1998 Citizens Banco, Inc. CO Val Cor Bancorporation, Inc.
Dec 1, 1998 Imperial Bank Arizona AZ Imperial Bank
Dec 1, 1998 Midpac Employees Federal Credit Union HI Hawaii Federal Credit Union
Dec 1, 1998 Citizens Bank CO Vectra Bank Colorado, National Association
Dec 1, 1998 Taneytown Bank & Trust Company MD Farmers & Mechanics Bank
Dec 1, 1998 GCMC Cu TX Texasgulf Federal Credit Union
Dec 1, 1998 Johnson Products Company Incorporated Employees Federal Credi T Union IL Vicinity Credit Union
Dec 1, 1998 NW Drug Employees Credit Union MN Anoka Hennepin Credit Union
Dec 1, 1998 East Austin Community Naacp Federal Credit Union TX Greater Texas Federal Credit Union
Dec 1, 1998 Hillsboro Community Credit Union IL Taylorville Community Credit Union
Dec 1, 1998 Albank, FSB NY Charter One Bank, National Association
Nov 30, 1998 Biltmore Bank Corp. AZ Johnson Financial Group, Inc.
Nov 30, 1998 Bank of Ladd IL North Central Bank
Nov 30, 1998 Worcester Municipal Employees Federal Credit Union MA Worcester Credit Union
Nov 30, 1998 Albank Financial Corporation NY Charter-Michigan Bancorp, Inc.

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

Enforcement Actions in 1998

Action date Agency Institution Action
Oct 14, 1998 OCC_OTS Blue River Federal Savings Bank Supervisory Agreement: Blue River Federal Savings Bank
Oct 14, 1998 OCC_OTS (individual) Orders of Removal/Prohibition: Sally M. Reynosa
Oct 13, 1998 FRB (individual) Prohibition from Banking: Lois A. Brigham
Oct 13, 1998 FRB (individual) Prohibition from Banking: Jerome C. Bechstein
Oct 2, 1998 OCC_OTS Home Savings & Loan Association Orders of Removal/Prohibition: John Henderson Jr.
Oct 1, 1998 OCC First National Bank in Pawhuska Formal Agreement: First National Bank In Pawhuska
Sep 30, 1998 OCC Community National Corporation Formal Agreement: The Community National Bank
Sep 29, 1998 OCC SoFi Bank, N.A. Formal Agreement: Gold Country National Bank
Sep 25, 1998 OCC (individual) Prohibition/Removal Orders: Dahlman, Dawn M.
Sep 25, 1998 OCC (individual) Prohibition/Removal Orders: Dahlman, Jeffrey P.
Sep 9, 1998 OCC Rio Bank Formal Agreement: Rio National Bank
Sep 8, 1998 OCC Bank of America, N.A. Prohibition/Removal Orders: Espiritu, Elena
Sep 8, 1998 OCC_OTS Mercantile Federal Savings Bank Termination of Cease and Desist: James C. Hodge
Sep 3, 1998 OCC Ocala National Bank Formal Agreement: Ocala National Bank
Sep 1, 1998 OCC Monument National Bank Prompt Corrective Action (PCA) Directive: Monument National Bank
Aug 25, 1998 OCC (individual) Formal Agreement: Industrial Bank, N.A.
Aug 25, 1998 OCC East Texas National Bank of Marshall Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): East Texas National Bank
Aug 21, 1998 FRB Shorebank Cleveland Corporation Written Agreement: ShoreBank, Cleveland, Cleveland, OH
Aug 19, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Mueller, Gary R.
Aug 19, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Sterr, Ronald L.
Aug 19, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Schmoker, James G.
Aug 19, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Erickson, P. William
Aug 18, 1998 OCC Norwest Trust Texas, N.A. - Waco Prohibition/Removal Orders: Bolton-Johnson, Schronda
Aug 18, 1998 OCC Norwest Trust Texas, N.A. - Waco Prohibition/Removal Orders: Shriver, Kari
Aug 14, 1998 OCC Northeast Bancshares, Inc. Formal Agreement: Northeast National Bank
Aug 12, 1998 OCC First Texoma National Bank Civil Money Penalty (CMP): Dufur, Alan D.
Aug 12, 1998 OCC First Texoma National Bank Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): Dufur, Alan D.
Aug 7, 1998 OCC_OTS Oak Tree Federal Savings Bank Cease and Desist: John D. Hastie
Aug 4, 1998 OCC_OTS Citizens Federal Savings Bank Supervisory Agreement: Citizens Federal Savings Bank
Aug 4, 1998 OCC_OTS Citizens Federal Savings Bank Supervisory Agreement: Citizens Federal Savings Bank
Jul 31, 1998 OCC_OTS (individual) Orders of Removal/Prohibition: Charles Eugene McKee
Jul 31, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Verbeck, Margery A.
Jul 29, 1998 OCC The First National Bank of O'Donnell Formal Agreement: The First National Bank Of O'Donnell
Jul 28, 1998 OCC American Independent Bank, National Association Formal Agreement: American Independent Bank, N.A.
Jul 27, 1998 OCC (individual) Prohibition/Removal Orders: Salmon, Richard
Jul 15, 1998 OCC First National Bank in Burkburnett Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): First National Bank in Burkburnett
Jul 10, 1998 OCC_OTS (individual) Civil Money Penalty: Margaret A. Geraghty
Jul 8, 1998 OCC (individual) Civil Money Penalty (CMP): Salmon, Richard
Jul 8, 1998 OCC (individual) C&D or PC&D Requiring Restitution: Salmon, Richard
Jul 8, 1998 OCC Nova Financial Corporation Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): Nova Financial Corporation
Jul 8, 1998 OCC_OTS Nova Financial Corporation Decision/Opinion and Order: Nova Financial Corp
Jul 1, 1998 OCC Nova Financial Corporation Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): Nova Financial Corporation
Jul 1, 1998 OCC The First National Bank of Mt. Pulaski Formal Agreement: The First National Bank of Mt. Pulaski
Jun 30, 1998 OCC_OTS Cross County Savings Bank Cease and Desist: Thomas F. Basta
Jun 30, 1998 OCC_OTS (individual) Supervisory Agreement: Family Savings Bank, FSB
Jun 30, 1998 OCC_OTS (individual) Supervisory Agreement: Family Savings Bank, FSB
Jun 28, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Rikli, Roger A.
Jun 28, 1998 OCC The First National Bank of Holdrege Civil Money Penalty (CMP): Slominski, Kenneth J.
Jun 26, 1998 OCC_OTS Great Western Bank, a Federal Savings Bank Orders of Removal/Prohibition: Larry Scott Bentley
Jun 16, 1998 OCC Bank of America, N.A. C&D or PC&D Requiring Restitution: Espiritu, Elena

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