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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
Oct 31, 1998 Mountain Financial Holding Company CO Val Cor Bancorporation, Inc.
Oct 31, 1998 Highland Bank AL Cadence Bank
Oct 31, 1998 QFC Federal Credit Union WA Fred Meyer Employees Federal Credit Union
Oct 31, 1998 Alabama Bancorp AL Bancorpsouth, Inc.
Oct 31, 1998 First Citizens Bank of Monroe County AL Superior Bank
Oct 31, 1998 City National Corporation AL The Banc Corporation
Oct 31, 1998 State Bank of Noel MO Bank of Bentonville
Oct 31, 1998 First of America Bank-Illinois, National Association IL National City Bank of the Midwest
Oct 31, 1998 Tri-County National Bank KS Peoples National Bank
Oct 31, 1998 Mountain National Bank CO Vectra Bank Colorado, National Association
Oct 31, 1998 First Community Bank of The South AL Cadence Bank
Oct 31, 1998 The Peoples Building and Loan Company OH Peoples Community Bank
Oct 31, 1998 The City National Bank of Sylacauga AL Superior Bank
Oct 30, 1998 SecurityBank Texas TX SouthTrust Bank
Oct 30, 1998 Simmons Dallas Credit Union TX A New Direction Credit Union
Oct 30, 1998 First Financial Bancorp, Inc. IL Blackhawk Bancorp, Inc.
Oct 30, 1998 Realty and Mortgage Investors of the Pacific, Ltd. HI Bank of Hawaii
Oct 30, 1998 Lemars Bancorporation, Inc. IA Primebank, Inc.
Oct 30, 1998 Bank of Gallatin/First State Bank MO BTC Bank
Oct 29, 1998 First Bank of Florida FL Republic Security Bank
Oct 24, 1998 Compass Bank TX BBVA USA
Oct 24, 1998 The First State Bank of Casselton ND Wells Fargo Bank North Dakota, National Association
Oct 24, 1998 First National Bank of Valley City ND Wells Fargo Bank North Dakota, National Association
Oct 24, 1998 Johnson Bank, National Association WI Johnson Bank
Oct 24, 1998 The First National Bank of Castle Rock CO The First National Bank of Strasburg
Oct 24, 1998 Bank of Los Angeles CA Santa Monica Bank
Oct 24, 1998 Missouri Southern Bank MO Wood & Huston Bank
Oct 24, 1998 Litchville State Bank ND Wells Fargo Bank North Dakota, National Association
Oct 24, 1998 Heritage Bank IL First Midwest Bank
Oct 24, 1998 First Federal Savings Bank of Kent OH Firstmerit Bank, National Association
Oct 24, 1998 Security Federal Savings and Loan Association of Cleveland OH Firstmerit Bank, National Association
Oct 24, 1998 The Peoples National Bank of Rural Valley PA Promistar Bank
Oct 23, 1998 McDonald & Company Investments, Inc. OH KeyCorp
Oct 23, 1998 Benton State Bank AR Regions Bank
Oct 23, 1998 The Citizens National Bank of Tell City IN Old National Bank
Oct 23, 1998 Citizens First Bank AR Regions Bank
Oct 23, 1998 Citizens First Bank AR Regions Bank
Oct 23, 1998 Security Bank and Trust Co. IL Old National Bank
Oct 23, 1998 Arkansas Bank and Trust Company AR Regions Bank
Oct 22, 1998 Corry Savings Bank PA Northwest Bank
Oct 19, 1998 Corestates Bank of Delaware, N.A. DE Wachovia Bank of Delaware, National Association
Oct 19, 1998 Colonial Bank of South Carolina, Inc. SC Carolina First Bank
Oct 19, 1998 Gen Office & Lab. (G.O.A.L.) Employees Federal Credit Union NY Sunmark Credit Union
Oct 17, 1998 Lincolnland Bank IN Integra Bank N.A.
Oct 17, 1998 Wayne Bancorp, Inc. NJ Valley National Bancorp
Oct 17, 1998 Maple Park Bancshares, Inc. IL Old Second Bancorp, Inc.
Oct 17, 1998 Bank of Columbia, National Association SC The Anchor Bank
Oct 17, 1998 Warrior Capital Corporation AL The Banc Corporation
Oct 17, 1998 MidAmerica Bank MN Wells Fargo Bank Minnesota, National Association
Oct 17, 1998 CS Financial Corporation OH 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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