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 |
|---|---|---|
| Nov 8, 2002 | Bank One, Illinois, National Association | Bank One, National Association |
| Nov 6, 2002 | Buckeye International Employees Credit Union, Inc. | First Service Federal Credit Union |
| Nov 6, 2002 | U.S. National Bank | Local Oklahoma Bank |
| Nov 1, 2002 | USABANCSHARES.COM, Inc | Nova Financial Holdings, Inc |
| Nov 1, 2002 | Cba Bancshares, Inc. | Marquette Financial Companies |
| Nov 1, 2002 | Gold Trust Company | Gold Trust Company |
| Nov 1, 2002 | First National Bank of Bay City | Prosperity Bank |
| Nov 1, 2002 | Rock Hill Bank & Trust | Carolina First Bank |
| Nov 1, 2002 | Valencia Bank & Trust | MUFG Union Bank, National Association |
| Nov 1, 2002 | Birch Run Area Credit Union | Great Lakes Federal Credit Union |
| Nov 1, 2002 | Pascagoula City Employees Federal Credit Union | Singing River Federal Credit Union |
| Nov 1, 2002 | Saint Pius Tenth Federal Credit Union | Space Age Credit Union |
| Nov 1, 2002 | Regional Health Care Federal Credit Union | United Southeast Federal Credit Union |
| Nov 1, 2002 | New Horizons Federal Credit Union | Northwest Arkansas Federal Credit Union |
| Nov 1, 2002 | Newnan Canco Employees Federal Credit Union | Coweta Cities & County Employees Federal Credit Union |
| Nov 1, 2002 | Texas Gas Employees Credit Union | Transcend Credit Union |
| Nov 1, 2002 | Mid-Continent Federal Credit Union | Heritage USA Federal Credit Union |
| Nov 1, 2002 | Razorback Federal Credit Union | Northwest Arkansas Federal Credit Union |
| Nov 1, 2002 | Fontaine Employees Federal Credit Union | Southern Energy Credit Union |
| Nov 1, 2002 | Indiana County Pennsylvania School Employees Federal Credit Union | Pennsylvania State Employees Credit Union dba Psecu |
| Nov 1, 2002 | The Citizens National Bank & Trust Co. | Kanza Bank |
| Nov 1, 2002 | Hotchkiss Community Federal Credit Union | Delta County Federal Credit Union |
| Nov 1, 2002 | Southern Oklahoma Federal Credit Union | Communication Federal Credit Union |
| Nov 1, 2002 | Steelcase of California Employee Federal Credit Union | Wescom Central Credit Union |
| Nov 1, 2002 | Westop Credit Union | Sound Credit Union |
| Oct 31, 2002 | Heritage Bancshares, Inc. | Piper Holdings, Inc. |
| Oct 31, 2002 | Biggsville Financial Corporation | Herky Hawk Financial Corp. |
| Oct 29, 2002 | Bank of Canton of California | United Commercial Bank |
| Oct 28, 2002 | Security State Bank | Central Bank |
| Oct 28, 2002 | First Security Banshares, Inc. | Central Bank |
| Oct 26, 2002 | Fidelity Federal Bank, a Federal Savings Bank | California National Bank |
| Oct 26, 2002 | Three Rivers Bank and Trust Company | SKY Bank |
| Oct 25, 2002 | First State Bank of Fort Benton | First Security Bank |
| Oct 25, 2002 | State Bank of Jefferson County | Allegiant Bank |
| Oct 19, 2002 | Heritage Bank, National Association | Heritage Bank |
| Oct 19, 2002 | Pulaski Savings Bank | Kearny Bank |
| Oct 18, 2002 | Cerro Gordo Building and Loan, S.B. | State Bank of Cerro Gordo |
| Oct 18, 2002 | Palm Beach National Bank & Trust Company | Colonial Bank |
| Oct 17, 2002 | Southern Credit Services, Inc. | Southern Community Bank and Trust |
| Oct 16, 2002 | Medford Bancorp, Inc. | Citizens Financial Group, Inc. |
| Oct 16, 2002 | Medford Savings Bank | Citizens Bank of Massachusetts |
| Oct 15, 2002 | Southwest Bank | First Commonwealth Bank |
| Oct 12, 2002 | American Bank | The Home State Bank |
| Oct 12, 2002 | 541 Investment Co. | The Home State Bank |
| Oct 10, 2002 | (unnamed) | Gateway Business Bank |
| Oct 10, 2002 | Greenfield Printers Credit Union, Inc. | Homeland Credit Union, Inc. |
| Oct 9, 2002 | Lockheed Martin Fairchild Systems Federal Credit Union | Fourleaf Federal Credit Union |
| Oct 9, 2002 | Fordham Federal Credit Union | Academic Federal Credit Union |
| Oct 7, 2002 | Crest Bancorp, Inc. | Piper Bankshares, Inc. |
| Oct 7, 2002 | Roberts State Bank | Vermilion Valley Bank |
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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