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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 21, 1998 Bank of Sumner WA Frontier Bank
Dec 21, 1998 Valley Community Bancorp OR Columbia Bancorp
Dec 21, 1998 Valley Bancorporation WA Frontier Financial Corporation
Dec 21, 1998 (unnamed) — First Security Bank of California, N.A.
Dec 19, 1998 Bank of Colorado-Front Range CO Bank of Colorado
Dec 19, 1998 Citizens Bankshares, Inc. WI Associated Banc-Corp
Dec 19, 1998 First Tennessee Bank National Association Mississippi MS First Horizon Bank
Dec 19, 1998 Pulse Savings Bank NJ First Savings Bank
Dec 19, 1998 Associated Banc-Shares, Inc. WI Associated Bank South Central
Dec 18, 1998 New England Joint Board Federal Credit Union MA Metro Credit Union
Dec 18, 1998 First Southern National Bank of Wayne County KY First Southern National Bank
Dec 18, 1998 First Federal Lincoln Bank-Iowa IA Tierone Bank
Dec 18, 1998 First Southern National Bank of the Bluegrass KY First Southern National Bank
Dec 18, 1998 First Southern National Bank of Madison County KY First Southern National Bank
Dec 18, 1998 First Southern National Bank KY First Southern National Bank
Dec 18, 1998 Lakewood State Bank CO Union Bank & Trust
Dec 18, 1998 The Marine Bank VA Farmers & Merchants Bank - Eastern Shore
Dec 17, 1998 Remshave Federal Credit Union CT Sikorsky Financial Credit Union, Inc.
Dec 16, 1998 Home Bancorp of Elgin, Inc. IL State Financial Services Corporation
Dec 16, 1998 Telluride Bancorp, Ltd. CO Vail Banks, Inc.
Dec 16, 1998 Bryan Bancorp of Georgia, Inc. GA The Savannah Bancorp, Inc.
Dec 16, 1998 Susquehanna Bancshares West,inc PA Susquehanna Bancshares West,inc
Dec 15, 1998 Northwest Bancshares, Inc. WA U.S. Bancorp
Dec 14, 1998 VBH Corp. IL Merchants Bancorp, Inc.
Dec 14, 1998 Valley Banc Services Corp. IL Merchants Bancorp, Inc.
Dec 14, 1998 Peoples State Bancshares, Inc. AL Peoples State Group, Inc.
Dec 14, 1998 Fox Valley Bank IL The Merchants National Bank of Aurora
Dec 14, 1998 Hinckley State Bank IL The Merchants National Bank of Aurora
Dec 12, 1998 Mercantile Bank of Southeast Missouri MO Firstar Bank Missouri, National Association
Dec 12, 1998 (unnamed) — Firstar Bank Missouri, National Association
Dec 12, 1998 Mercantile Bank of Central Missouri MO Firstar Bank Missouri, National Association
Dec 12, 1998 First National Bank of Evergreen Park IL Fifth Third Bank
Dec 12, 1998 Mercantile Bank of South Central Missouri MO Firstar Bank Missouri, National Association
Dec 12, 1998 Comerica Bank & Trust, Federal Savings Bank FL Comerica Bank
Dec 12, 1998 Jefferson National Bank TX VeraBank, N.A.
Dec 12, 1998 Mercantile Bank of Northern Missouri MO Firstar Bank Missouri, National Association
Dec 12, 1998 Mercantile Bank of Missouri Valley MO Firstar Bank Missouri, National Association
Dec 12, 1998 Newberry Bank FL Republic Security Bank
Dec 12, 1998 Mercantile Bank of Western Missouri MO Firstar Bank Missouri, National Association
Dec 11, 1998 Farmers Bank, National Association KY Old National Bank
Dec 11, 1998 First American Bank of Indian River County FL SouthTrust Bank
Dec 11, 1998 Bank of Crittenden KY Community First Bank of Kentucky
Dec 11, 1998 Empire Bank Corp. GA Flag Financial Corporation
Dec 10, 1998 Eagle Bancorp, Inc. GA Pab Bankshares, Inc.
Dec 10, 1998 Quinter Insurance Service, Inc. KS First National Bancshares, Inc.
Dec 10, 1998 Citizens Bancorporation, Inc. OK Gold Banc Corporation, Inc.
Dec 10, 1998 SC Bancorp, Inc. AZ Founders Group, Inc.
Dec 10, 1998 Security Financial Corp of Fredericksburg TX Security Holding Company
Dec 10, 1998 The First National Bank of Quinter KS FNB Bank
Dec 8, 1998 First Alpine, Inc. TX First Pecos Bancshares, Inc.

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

Browse adjacent years: 1997 · 1999

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