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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
Jul 13, 2002 Marquette Bank Morrison IL Wells Fargo Bank Illinois, National Association
Jul 13, 2002 Marquette Bank Monmouth IL Wells Fargo Bank Illinois, National Association
Jul 13, 2002 Marquette Bank, National Association MN Wells Fargo Bank Minnesota, National Association
Jul 12, 2002 Brookhollow National Bank TX Regions Bank
Jul 12, 2002 The First State Bank TX Prosperity Bank
Jul 11, 2002 The Bank of Perry KS First State Bank and Trust
Jul 11, 2002 Rowan-Iredell Area Credit Union NC First Legacy Community Credit Union
Jul 10, 2002 Ventura Texaco Employees Federal Credit Union CA Ventura County Credit Union
Jul 10, 2002 Shawnee Bancshares, Inc. IL First Southern Bancshares, Inc
Jul 10, 2002 Advance Stamping Company Federal Credit Union MI Parkway Federal Credit Union
Jul 8, 2002 The Beatrice National Bank and Trust Company NE Pinnacle Bank
Jul 5, 2002 Norton Federal Credit Union TX Valley Federal Credit Union
Jul 1, 2002 Cerritos Valley Bancorp CA Cerritos Valley Bank
Jul 1, 2002 Credit Carimonte S.P.A. — Unicredit S.P.A.
Jul 1, 2002 F & M Community Bank, N.A. MN F & M Community Bank, N.A.
Jul 1, 2002 Advance Acceptance Corporation MN First Western Bank and Trust
Jul 1, 2002 Ridgeway Bancshares, Inc. SC Community Bankshares, Inc.
Jul 1, 2002 Data Fac Computer Company, Inc. OK Bank of Commerce
Jul 1, 2002 Middlesex Bank & Trust Company MA Connecticut Community Bank, N.A.
Jul 1, 2002 Household Bank (Nevada), N.A. NV HSBC Bank Nevada, N.A.
Jul 1, 2002 Rolo Banca 1473 S.P.A. — Unicredit S.P.A.
Jul 1, 2002 Beneficial National Bank USA DE HSBC Bank Nevada, N.A.
Jul 1, 2002 East Point Municipal Employees Credit Union GA Fort McPherson Credit Union
Jul 1, 2002 Garfield Credit Union UT Transwest Credit Union
Jul 1, 2002 First Community Credit Union of Marinette WI Forward Financial Credit Union
Jul 1, 2002 Southeast Florida Credit Union FL Ithink Financial Credit Union
Jul 1, 2002 Columbia Hospital for Women Federal Credit Union DC Democracy Federal Credit Union
Jul 1, 2002 Motion Control Industries Federal Credit Union PA Penntech Employees Federal Credit Union
Jul 1, 2002 Progressive Credit Union IL Credit Union 1
Jul 1, 2002 Arrowhead Cooperative Credit Union MN Members Cooperative Credit Union
Jul 1, 2002 Roosevelt County School Employee Credit Union NM First Financial Credit Union
Jul 1, 2002 Northwest Indiana Medical Federal Credit Union IN Northern Indiana Federal Credit Union
Jul 1, 2002 Ryco Federal Credit Union MT Rimrock Credit Union
Jul 1, 2002 First Commercial Bank of Southeast Missouri MO First Commercial Bank
Jul 1, 2002 Blessed Sacrament Federal Credit Union MA SJB Federal Credit Union
Jul 1, 2002 P. W. T. Federal Credit Union WA First Community Credit Union
Jul 1, 2002 Heco Federal Credit Union WA Tacoma Narrows Federal Credit Union
Jul 1, 2002 Warren State Hospital Employees Federal Credit Union PA N F G #2 Federal Credit Union
Jul 1, 2002 Kenosha Catholic Community Credit Union WI Educators Credit Union
Jun 30, 2002 Local 648 Hamilton Federal Credit Union OH Chaco Credit Union, Inc.
Jun 30, 2002 Landmark Bancshares of Oklahoma, Inc MO Landrum Company
Jun 30, 2002 Landmark Bancshares of Texas, Inc. MO Landrum Company
Jun 30, 2002 Jack's Fork Bancorporation, Inc. MO Landrum Company
Jun 30, 2002 Durham Municipal Credit Union NC Members Credit Union
Jun 30, 2002 PRR Conemaugh Federal Credit Union PA Merho Federal Credit Union
Jun 29, 2002 Western Security Finance Corporation CA Citizens Business Bank, N.A.
Jun 29, 2002 Western Security Acceptance Corporation CA Citizens Business Bank, N.A.
Jun 29, 2002 Western Security Bank, National Association CA Citizens Business Bank, N.A.
Jun 28, 2002 Winterset State Bank MO Central Bank of Kansas City
Jun 28, 2002 Citizens State Bank of Gaylord MN Progrowth 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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