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.

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

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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