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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
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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