Skip to main content

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 17, 1998 Fed One Bank WV United Bank
Oct 17, 1998 Midamerica Bank South MN Norwest Bank Minnesota South, National Association
Oct 17, 1998 Cuyahoga Savings Association OH Charter One Bank, National Association
Oct 17, 1998 Bank of Charleston, National Association SC The Anchor Bank
Oct 17, 1998 The Commercial Bank of Roanoke, Alabama AL Superior Bank
Oct 17, 1998 Wayne Savings Bank, F.S.B. NJ Valley National Bank
Oct 17, 1998 Commercial Bancshares of Roanoke, Inc. AL The Banc Corporation
Oct 16, 1998 First National Bank of Port Orchard WA Pacific Northwest Bank
Oct 16, 1998 First Citizens Bank & Trust Company WV First-Citizens Bank & Trust Company
Oct 16, 1998 Exchange National Bank and Trust Company OK BancFirst
Oct 15, 1998 Azle Holdings, Inc. TX Independent Bankshares, Inc.
Oct 15, 1998 Azle Bancorp TX Independent Bankshares, Inc.
Oct 14, 1998 South Valley National Bank CA First National Bank of Central California
Oct 14, 1998 Interwest Bancorp NV The Colonial Bancgroup, Inc.
Oct 14, 1998 Interwest Bank NV Colonial Bank
Oct 13, 1998 Gettysburg Area Federal Credit Union PA Belco Community Credit Union
Oct 10, 1998 Silsbee State Bank TX Community Bank & Trust, S.S.B.
Oct 9, 1998 Seminole Bank, National Association FL First National Bank of Florida
Oct 9, 1998 Community Bank of the Islands FL Bank of America, N.A.
Oct 9, 1998 Omni Bank IL The Bank of Edwardsville
Oct 9, 1998 The First National Bank of Conway AR Regions Bank
Oct 9, 1998 First National Bank of Russellville AR Regions Bank
Oct 9, 1998 Barnett Bank, National Association FL Bank of America, N.A.
Oct 9, 1998 Morrilton Security Bank, National Association AR Regions Bank
Oct 9, 1998 Citizens Bank & Trust FL First National Bank of Florida
Oct 9, 1998 Clinton State Bank AR Regions Bank
Oct 9, 1998 Citizens Bank OK Local Oklahoma Bank
Oct 9, 1998 Magna Bank, National Association MO Union Planters Bank, National Association
Oct 8, 1998 Banksouth Corp OK Citizens Bank
Oct 7, 1998 Prime Bank of Central Florida FL Colonial Bank
Oct 6, 1998 Cylinder Bancorporation IA Iowa Trust & Savings Bank
Oct 6, 1998 Cylinder State Bank IA Iowa Trust & Savings Bank
Oct 4, 1998 Home Savings of America, FSB CA Washington Mutual Bank
Oct 3, 1998 Lilly Industries Federal Credit Union IN Indiana Members Credit Union
Oct 3, 1998 Concora Anderson Employees Federal Credit Union IN Indiana Members Credit Union
Oct 2, 1998 Community Financial Corporation GA Alabama National Bancorporation
Oct 2, 1998 Mid Am, Inc. OH SKY Financial Group, Inc.
Oct 2, 1998 First Chicago NBD Corporation IL Bank One Corporation
Oct 2, 1998 First Macon Bank & Trust Company GA Colonial Bank
Oct 1, 1998 Peoples Trust of 1987 KS Winter Trust of 12/3/74
Oct 1, 1998 Morgan Stanley Trust Company NY JPMorgan Chase Bank, N.A.
Oct 1, 1998 First Evergreen Corporation IL Old Kent Financial Corporation
Oct 1, 1998 Atlanta Cooperative Credit Association Credit Union GA Associated Credit Union
Oct 1, 1998 1st Bancorp Vienna IL Integra Bank Corporation
Oct 1, 1998 Prairie Bankshares, Inc. KS Citizens Bank of Kansas
Oct 1, 1998 Swift Credit Union GA Five Star Credit Union
Oct 1, 1998 Citizens Bancorporation, Inc. FL Suntrust Bank Holding Company
Oct 1, 1998 The Long Island Savings Bank, FSB NY Astoria Bank
Oct 1, 1998 Nypoe Federal Credit Union NJ Picatinny Federal Credit Union
Oct 1, 1998 State Bank of South Orange NJ United Trust 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

Browse adjacent years: 1997 · 1999

Or jump to a category: Failures · Mergers · Enforcement · Assistance