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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 HQ Assets Acquirer or resolution
Dec 17, 2002 The Farmers Bank & Trust of Cheneyville Cheneyville, LA $35.3M Sabine State Bank & Trust C
Nov 8, 2002 Bank of Alamo Alamo, TN $58.5M —
Sep 30, 2002 Amtrade International Bank of Georgia Atlanta, GA $92.1M —
Jun 27, 2002 Universal FSB Chicago, IL $51.6M Chicago Community Bank
Jun 26, 2002 Connecticut Bank of Commerce Stamford, CT $384.2M Hudson United Bank
Mar 28, 2002 New Century Bank Shelby Township, MI $21.1M —
Mar 1, 2002 Net First National Bank Boca Raton, FL $37.2M Bank Leumi
Feb 7, 2002 Nextbank Phoenix, AZ $700.2M —
Feb 1, 2002 Oakwood Deposit Bank Oakwood, OH $72.3M The State Bank and Trust Co
Jan 18, 2002 Bank of Sierra Blanca Sierra Blanca, TX $10.8M The Security State Bank of
Jan 11, 2002 Hamilton Bank, N.A. Miami, FL $1.41B Israel Discount Bank of New

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 St Acquirer
May 1, 2002 The Saints Credit Union TN Carepoint Federal Credit Union
May 1, 2002 I.B.E.W. Credit Union MO West Community Credit Union
May 1, 2002 Pratt Teachers Credit Union KS Central Kansas Credit Union
May 1, 2002 Mormon Trail Credit Union IA Community 1st Credit Union
May 1, 2002 Ceco of Milan Employees Credit Union TN Leaders Credit Union
May 1, 2002 First Community Bank of Southwest Georgia GA The Park Avenue Bank
Apr 30, 2002 Lufkin Credit Union NC Members Credit Union
Apr 30, 2002 Brookhollow Bancshares, Inc. TX Regions Financial Corporation
Apr 30, 2002 First Western Bancorp, Inc. PA SKY Financial Group, Inc.
Apr 30, 2002 Employees United Credit Union IL Select Employees Credit Union
Apr 27, 2002 Mesquite State Bank NV Bank of Nevada
Apr 27, 2002 Mesquite Financial Corporation KS Bank of Nevada
Apr 27, 2002 Wetex Credit Union TX America's Credit Union
Apr 25, 2002 Southern Investment Services, Inc. NC Southern Community Bank and Trust
Apr 24, 2002 The National Bank of Florida NY Sterling National Bank
Apr 19, 2002 WestStar Bank OK Arvest Bank
Apr 19, 2002 Arvest State Bank OK Arvest Bank
Apr 17, 2002 Bank of Mansfield AR Allied Bank
Apr 17, 2002 First Capital Group, Inc. NM Union Financial Group LTD
Apr 17, 2002 Gulf Coast Community Bancshares, Inc. FL Banctrust Financial Group, Inc.
Apr 17, 2002 First Financial Corp. RI Washington Trust Bancorp, Inc.
Apr 17, 2002 First Bank and Trust Company RI The Washington Trust Company, of Westerly
Apr 13, 2002 First Bank of Cleveland OK American Heritage Bank
Apr 12, 2002 Employees Plan Federal Credit Union MS Statewide Federal Credit Union
Apr 12, 2002 Bank of Belfast TN First National Bank of Pulaski
Apr 8, 2002 (unnamed) — BNC National Bank
Apr 6, 2002 First Lincolnwood Corp. IL MB Financial, Inc.
Apr 6, 2002 The First National Bank of Lincolnwood IL MB Financial Bank, National Association
Apr 5, 2002 First Bank of Texas TX Regions Bank
Apr 5, 2002 Bank of Palmyra IL Town And Country Bank
Apr 4, 2002 Community National Corporation ND Frandsen Financial Corporation
Apr 4, 2002 Citizens State Bank NE Cornerstone Bank
Apr 3, 2002 Samaritan Hospital Employees Federal Credit Union NY Broadview Federal Credit Union
Apr 3, 2002 Fbi Corporation WV WesBanco, Inc.
Apr 3, 2002 Peoples Federal Savings and Loan Association OH First National Bank
Apr 3, 2002 Bank of Carbon Hill AL First National Bank
Apr 3, 2002 Noala Methodist Federal Credit Union AL Alatrust Credit Union
Apr 1, 2002 Acme Visible Records Federal Credit Union VA University of Virginia Community Credit Union, Inc.
Apr 1, 2002 Signal Trust Company N.A. MN Associated Trust Company, N.A.
Apr 1, 2002 Triangle Bancorporation AL Marion County Bancshares, Inc.
Apr 1, 2002 Commonwealth Bank and Trust Company KY Commonwealth Bank and Trust Company
Apr 1, 2002 Grand Bank Financial Corporation MI 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 DC Afl-Cio Employees Federal Credit Union
Apr 1, 2002 Independent Community Banc Corp OH Civista Bancshares, Inc
Apr 1, 2002 Lafayette Bancorporation IN First Merchants Corporation
Apr 1, 2002 Albert Lea Interstate Employees Credit Union MN City and County Employees Federal Credit Union
Apr 1, 2002 Dynamatic Employees Credit Union WI Educators Credit Union
Apr 1, 2002 Nela Credit Union, Inc. OH Cardinal Credit Union, Inc.
Apr 1, 2002 West Point Federal Credit Union NY Pentagon Federal Credit Union

The list holds 500 of the 786 mergers recorded for 2002.

Enforcement Actions in 2002

Action date Agency Institution Action
Jan 17, 2002 OCC_OTS Life Financial Corporation Cease and Desist: Life Financial Corp.
Jan 17, 2002 OCC_OTS Life Financial Corporation Prompt Corrective Action: Life Bank
Jan 15, 2002 OCC Professional Bancorp, Inc. Civil Money Penalty (CMP): Mounce, Gary W.
Jan 15, 2002 OCC Professional Bancorp, Inc. Prohibition/Removal Orders: Mounce, Gary W.
Jan 15, 2002 OCC_OTS (individual) Cease and Desist: Scott G. Day
Jan 9, 2002 FRB (individual) Civil Money Penalty $50,000: Dexia, S.A., Brussels, Belgium, Dexia Bank Belgium, S.A., Brussels, Belgium …
Jan 9, 2002 OCC Southtrust Bank, N.A. Formal Agreement: First National Bank
Jan 8, 2002 OCC_OTS (individual) Supervisory Agreement: Public Finance Service, Inc.

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