Calendar Year
2002 in US Banking
1,005 bank events are on record for 2002: 11 failures, 786 mergers or acquisitions involving a bank, credit union or bank holding company, and 208 enforcement actions.
11
Failures
$2.87B in failed assets
786
Mergers
Federal Reserve NIC, banking organizations
208
Enforcement
OCC, FDIC, FRB, OTS and SEC 8-K filings
Jump to: Bank failures 2002 · Bank mergers 2002
How many banks failed in 2002?
11 banks failed in 2002, with $2.87B in assets. Each failure below links to its own page.
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2002 | The Farmers Bank & Trust of Cheneyville | $35.3M |
| Nov 8, 2002 | Bank of Alamo | $58.5M |
| Sep 30, 2002 | Amtrade International Bank of Georgia | $92.1M |
| Jun 27, 2002 | Universal FSB | $51.6M |
| Jun 26, 2002 | Connecticut Bank of Commerce | $384.2M |
| Mar 28, 2002 | New Century Bank | $21.1M |
| Mar 1, 2002 | Net First National Bank | $37.2M |
| Feb 7, 2002 | Nextbank | $700.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
| Jan 18, 2002 | Bank of Sierra Blanca | $10.8M |
| Jan 11, 2002 | Hamilton Bank, N.A. | $1.41B |
Which banks merged in 2002?
786 mergers or acquisitions involving a bank, credit union or bank holding company are on record for 2002.
See the fuller list: Bank mergers 2002 with largest deals and credit union mergers ›
| Date | Acquired | Acquirer |
|---|---|---|
| May 1, 2002 | The Saints Credit Union | Carepoint Federal Credit Union |
| May 1, 2002 | I.B.E.W. Credit Union | West Community Credit Union |
| May 1, 2002 | Pratt Teachers Credit Union | Central Kansas Credit Union |
| May 1, 2002 | Mormon Trail Credit Union | Community 1st Credit Union |
| May 1, 2002 | Ceco of Milan Employees Credit Union | Leaders Credit Union |
| May 1, 2002 | First Community Bank of Southwest Georgia | The Park Avenue Bank |
| Apr 30, 2002 | Lufkin Credit Union | Members Credit Union |
| Apr 30, 2002 | Brookhollow Bancshares, Inc. | Regions Financial Corporation |
| Apr 30, 2002 | First Western Bancorp, Inc. | SKY Financial Group, Inc. |
| Apr 30, 2002 | Employees United Credit Union | Select Employees Credit Union |
| Apr 27, 2002 | Mesquite State Bank | Bank of Nevada |
| Apr 27, 2002 | Mesquite Financial Corporation | Bank of Nevada |
| Apr 27, 2002 | Wetex Credit Union | America's Credit Union |
| Apr 25, 2002 | Southern Investment Services, Inc. | Southern Community Bank and Trust |
| Apr 24, 2002 | The National Bank of Florida | Sterling National Bank |
| Apr 19, 2002 | WestStar Bank | Arvest Bank |
| Apr 19, 2002 | Arvest State Bank | Arvest Bank |
| Apr 17, 2002 | Bank of Mansfield | Allied Bank |
| Apr 17, 2002 | First Capital Group, Inc. | Union Financial Group LTD |
| Apr 17, 2002 | Gulf Coast Community Bancshares, Inc. | Banctrust Financial Group, Inc. |
| Apr 17, 2002 | First Financial Corp. | Washington Trust Bancorp, Inc. |
| Apr 17, 2002 | First Bank and Trust Company | The Washington Trust Company, of Westerly |
| Apr 13, 2002 | First Bank of Cleveland | American Heritage Bank |
| Apr 12, 2002 | Employees Plan Federal Credit Union | Statewide Federal Credit Union |
| Apr 12, 2002 | Bank of Belfast | First National Bank of Pulaski |
| Apr 8, 2002 | (unnamed) | BNC National Bank |
| Apr 6, 2002 | First Lincolnwood Corp. | MB Financial, Inc. |
| Apr 6, 2002 | The First National Bank of Lincolnwood | MB Financial Bank, National Association |
| Apr 5, 2002 | First Bank of Texas | Regions Bank |
| Apr 5, 2002 | Bank of Palmyra | Town And Country Bank |
| Apr 4, 2002 | Community National Corporation | Frandsen Financial Corporation |
| Apr 4, 2002 | Citizens State Bank | Cornerstone Bank |
| Apr 3, 2002 | Samaritan Hospital Employees Federal Credit Union | Broadview Federal Credit Union |
| Apr 3, 2002 | Fbi Corporation | WesBanco, Inc. |
| Apr 3, 2002 | Peoples Federal Savings and Loan Association | First National Bank |
| Apr 3, 2002 | Bank of Carbon Hill | First National Bank |
| Apr 3, 2002 | Noala Methodist Federal Credit Union | Alatrust Credit Union |
| Apr 1, 2002 | Acme Visible Records Federal Credit Union | University of Virginia Community Credit Union, Inc. |
| Apr 1, 2002 | Signal Trust Company N.A. | Associated Trust Company, N.A. |
| Apr 1, 2002 | Triangle Bancorporation | Marion County Bancshares, Inc. |
| Apr 1, 2002 | Commonwealth Bank and Trust Company | Commonwealth Bank and Trust Company |
| Apr 1, 2002 | Grand Bank Financial Corporation | Macatawa Bank Corporation |
| Apr 1, 2002 | The Industrial Bank of Japan, Limited | Mizuho Bank, Ltd. |
| Apr 1, 2002 | Union Labor Life Insurance Company Federal Credit Union | Afl-Cio Employees Federal Credit Union |
| Apr 1, 2002 | Independent Community Banc Corp | Civista Bancshares, Inc |
| Apr 1, 2002 | Lafayette Bancorporation | First Merchants Corporation |
| Apr 1, 2002 | Albert Lea Interstate Employees Credit Union | City and County Employees Federal Credit Union |
| Apr 1, 2002 | Dynamatic Employees Credit Union | Educators Credit Union |
| Apr 1, 2002 | Nela Credit Union, Inc. | Cardinal Credit Union, Inc. |
| Apr 1, 2002 | West Point Federal Credit Union | Pentagon Federal Credit Union |
The list holds 500 of the 786 mergers recorded for 2002.
Enforcement Actions in 2002
| Action date | Agency | Institution | Action |
|---|---|---|---|
| Jul 11, 2002 | OCC_OTS | Fidelity Federal Savings and Loan Associates | Civil Money Penalty: Richard M. Greenwood |
| Jul 11, 2002 | OCC_OTS | Fidelity Federal Savings and Loan Associates | Cease and Desist: Richard M. Greenwood |
| Jul 10, 2002 | OCC | The First National Bank of Limon | Formal Agreement: First National Bank of Limon |
| Jul 8, 2002 | OCC_OTS | First Capital Bancshares, Inc. | Supervisory Agreement: Lee C. Shortt |
| Jul 8, 2002 | OCC_OTS | First Capital Bancshares, Inc. | Supervisory Agreement: Wylie F. Cartrette |
| Jul 8, 2002 | OCC_OTS | First Capital Bancshares, Inc. | Supervisory Agreement: Evelyn Fay Jeffers |
| Jul 8, 2002 | OCC_OTS | First Capital Bancshares, Inc. | Supervisory Agreement: Bernard O. Jeffers |
| Jul 5, 2002 | FRB | (individual) | Written Agreement: Rurban Financial Corp., Defiance, OH and The State Bank and Trust Company, … |
| Jul 1, 2002 | OCC | Wachovia Corporation | Prohibition/Removal Orders: Hudson, Kevin C. |
| Jun 27, 2002 | OCC | Community National Bank | Formal Agreement: Community National Bank |
| Jun 26, 2002 | FRB | Great Eastern Bank | Cease and Desist Order: Joseph C.C. Kuo |
| Jun 26, 2002 | FRB | Great Eastern Bank | Cease and Desist Order: Ching-Tseh Yao |
| Jun 26, 2002 | FRB | Great Eastern Bank | Cease and Desist Order: Lih Yuh Kuo |
| Jun 26, 2002 | FRB | Great Eastern Bank | Cease and Desist Order: Paul Lee |
| Jun 26, 2002 | FRB | Great Eastern Bank | Cease and Desist Order: William Chiang |
| Jun 21, 2002 | OCC | The Lake Bank, National Association | Formal Agreement: The Lake Bank, National Association |
| Jun 20, 2002 | FRB | (individual) | Written Agreement: Madison Bank, Blue Bell, PA |
| Jun 19, 2002 | OCC_OTS | Berean Bank | Capital Directives: Berean Bank |
| Jun 19, 2002 | FRB | First American Bancorp, Inc. | Written Agreement: First American Bancorp, Inc., Stonewall, OK and First American Bank, Stonewall, OK |
| Jun 18, 2002 | OCC | The First National Bank of Chelsea | Formal Agreement: The First National Bank of Chelsea |
| Jun 18, 2002 | OCC | Ohio Legacy Corp. | Formal Agreement: Ohio Legacy Bank, National Association |
| Jun 13, 2002 | OCC | The First National Bank of O'Donnell | Formal Agreement: The First National Bank of O'Donnell |
| Jun 12, 2002 | OCC | Prime Pacific Financial Services, Inc. | Formal Agreement: Prime Pacific Bank, National Association |
| Jun 11, 2002 | OCC_OTS | Golden Prague Federal Savings and Loan Association | Supervisory Agreement: Golden Prague FS&LA |
| Jun 10, 2002 | OCC | Henderson National Bank | Formal Agreement: Henderson National Bank |
| Jun 7, 2002 | OCC | Riverside National Bank of Florida | Prohibition/Removal Orders: Phanco, Darlene |
| Jun 5, 2002 | OCC | Belmont National Bank | Prohibition/Removal Orders: Wallace, William |
| Jun 5, 2002 | OCC | Belmont National Bank | Civil Money Penalty (CMP): Wallace, William |
| Jun 3, 2002 | OCC | Republic Federal Bank, N.A. | Formal Agreement: The Hemisphere National Bank |
| May 23, 2002 | OCC | The First National Bank of Germantown | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): The First National Bank of Germantown |
| May 17, 2002 | OCC | Community First Bank, National Association | Formal Agreement: Community First Bank, National Association |
| May 15, 2002 | FRB | Allfirst Trust Company N.A. | Written Agreement: Allied Irish Banks, p.l.c., Dublin, Ireland, Allfirst Financial Inc., Baltimore, MD and … |
| May 15, 2002 | OCC | First Consumers National Bank | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): First Consumers National Bank |
| May 10, 2002 | OCC | Harbor Bank, National Association | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): Harbor Bank, National Association |
| May 9, 2002 | FRB | (individual) | Prohibition from Banking: Edward DeRosa |
| May 7, 2002 | FRB | Bank of the Orient | Cease and Desist Order: Bank of the Orient, San Francisco, CA |
| May 7, 2002 | OCC | First National Bank at Darlington | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): First National Bank at Darlington |
| May 6, 2002 | OCC | Capital Bank, N.A. | Formal Agreement: Harbor Capital National Bank |
| May 3, 2002 | OCC_OTS | (individual) | Supervisory Agreement: First State, F.S.B. |
| Apr 30, 2002 | FRB | Mercantil, C.A. (Banco Universal) | Cease and Desist Order: Pedro Cabrera |
| Apr 23, 2002 | OCC | Stebbins National Bank | Civil Money Penalty (CMP): Stebbins, James C. |
| Apr 23, 2002 | FRB | (individual) | Civil Money Penalty $10,000: Community Bank of Granbury, Granbury, TX |
| Apr 23, 2002 | OCC | The First National Bank of St. Marys | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): The First National Bank of St. … |
| Apr 18, 2002 | OCC_OTS | Union Federal Bank of Indianapolis | Orders of Removal/Prohibition: Randall E. Hendricks, III |
| Apr 16, 2002 | OCC | Direct Merchants Credit Card Bank, N.A. | Formal Agreement: Direct Merchants Credit Card Bank, N.A. |
| Apr 15, 2002 | OCC_OTS | (individual) | Cease and Desist: Donald McG. Woods |
| Apr 12, 2002 | OCC | The First National Bank & Trust Company of Beatrice | Cease-and-Desist Order (C&D) or Personal Cease-and-Desist Order (PC&D): The First National Bank & Trust … |
| Apr 11, 2002 | OCC | Modern Bank, N.A. | Formal Agreement: Excel Bank, N.A. |
| Apr 11, 2002 | OCC | Cumberland National Bank | Formal Agreement: Cumberland National Bank |
| Apr 10, 2002 | OCC | Bay View Bank, N.A. | Civil Money Penalty (CMP): Saei, Michael |
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