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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 1, 1998 Wallula Federal Credit Union WA Hapo Community Credit Union
Oct 1, 1998 The Middle Tennessee Bank TN First American National Bank
Oct 1, 1998 Toshiba/Houston Credit Union TX First Community Credit Union
Oct 1, 1998 Kansas City Community Credit Union KS Midwest Regional Credit Union
Oct 1, 1998 Santa Fe West Credit Union CA E-Central Credit Union
Oct 1, 1998 Faultless Rubber Federal Credit Union OH Ashland Community Federal Credit Union
Oct 1, 1998 Citizens Bank of Marianna FL SunTrust Bank, Tallahassee, National Association
Oct 1, 1998 Hoosier Hills Financial Corporation IN Integra Bank Corporation
Oct 1, 1998 First Global Bank Federal Savings Bank CA Hanmi Bank
Oct 1, 1998 Castle Medical Center Federal Credit Union HI Ko'Olau Federal Credit Union
Oct 1, 1998 HP Colorado Federal Credit Union CO First Technology Federal Credit Union
Oct 1, 1998 Eagle Valley Bank MN Eagle Valley Bank, National Association
Oct 1, 1998 Mrs Smith's Pie Co. Federal Credit Union PA Diamond Federal Credit Union
Oct 1, 1998 The State Bank-Pretty Prairie KS Citizens Bank of Kansas
Oct 1, 1998 Trailer Builders Credit Union IA River Bend Credit Union
Oct 1, 1998 The Sumitomo Bank of California CA California Bank & Trust
Oct 1, 1998 The First State Bank of Vienna IL Illinois One Bank, National Association
Oct 1, 1998 Oregon Community Credit Union IL Membersalliance Credit Union
Oct 1, 1998 Sasf Credit Union TX Trans Texas Southwest Credit Union
Oct 1, 1998 Santa Fe Federal Employees Federal Credit Union NM Del Norte Credit Union
Oct 1, 1998 Gadsden State Bank FL SunTrust Bank, Tallahassee, National Association
Oct 1, 1998 Toole County Federal Credit Union MT Bear Paw Credit Union
Oct 1, 1998 The Hight State Bank IL Scott State Bank
Oct 1, 1998 Salem Eba Credit Union VA Virginia Federal Credit Union
Oct 1, 1998 Peoples, Inc. KS Peoples, Inc.
Oct 1, 1998 First National Bank of Sheridan AR The Malvern National Bank
Oct 1, 1998 NPC Federal Credit Union NJ Ridgedale Federal Credit Union
Oct 1, 1998 Cheatham State Bank TN First American National Bank
Oct 1, 1998 Union State Bank TX Prosperity Bank
Oct 1, 1998 Brooklyn Postal Employees Credit Union NY Municipal Credit Union
Oct 1, 1998 Security First Network Bank, FSB GA Security First Network Bank
Oct 1, 1998 Inland Steel Credit Union IL First Northern Credit Union
Oct 1, 1998 Farmers National Bank NJ Susquehanna Bank DV
Oct 1, 1998 Natick QM Federal Credit Union MA Hanscom Federal Credit Union
Oct 1, 1998 CSB Financial Corporation TN First American Corporation
Oct 1, 1998 Amquest Financial Corp. OK BancFirst Corporation
Oct 1, 1998 DHCD Federal Credit Union DC DC Federal Credit Union
Sep 30, 1998 American Credit Corporation MN Firstar Holdings Corporation
Sep 30, 1998 DPC of Milwaukee, Inc. WI Firstar Bank Milwaukee, National Association
Sep 30, 1998 Bancorp Pacific, Inc. HI Bank of Hawaii
Sep 30, 1998 CSFM Corporation IL Firstar Bank Milwaukee, National Association
Sep 30, 1998 Production Experts Employees Credit Union, Inc. OH Community United Credit Union
Sep 30, 1998 First Federal Savings and Loan Association of America HI Bank of Hawaii
Sep 30, 1998 First National Bank of Pickens County SC Carolina First Bank
Sep 30, 1998 Minutemen Credit Union WA American Lake Credit Union
Sep 30, 1998 Firstar Trust Company WI Firstar Bank Milwaukee, National Association
Sep 30, 1998 Bankamerica Corporation CA Bank of America Corporation
Sep 28, 1998 First Financial Bancorporation IA Ameribanc, Inc.
Sep 28, 1998 (unnamed) — Wells Fargo Bank Texas, National Association
Sep 28, 1998 (unnamed) — Wells Fargo Bank Texas, National Association

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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