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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
Jun 28, 2002 The Waverly Building and Loan Company OH American Savings Bank, FSB
Jun 28, 2002 Pendleton Federal Savings Bank KY United Midwest Savings Bank, N.A.
Jun 25, 2002 Preferred Bancshares, Inc. MN Klein Financial, Inc.
Jun 25, 2002 Community First Properties, Inc. ND Community First Bankshares, Inc.
Jun 25, 2002 R.O.M. Financial Services, Inc. MN Klein Financial, Inc.
Jun 25, 2002 Oakley Holding Company MN Klein Financial, Inc.
Jun 22, 2002 Jefferson Heritage Bank TX Union Planters Bank, National Association
Jun 22, 2002 Kerman State Bank CA Westamerica Bank
Jun 22, 2002 First State Bank of Fort Collins CO First Main Street Bank, National Association
Jun 22, 2002 Caroline Savings Bank VA Virginia Heartland Bank
Jun 21, 2002 Bank One, Michigan MI Bank One, National Association
Jun 21, 2002 Community Bank KS Astra Bank
Jun 20, 2002 Metropolitan Bancshares, Inc. TN First Citizens Bancshares, Inc.
Jun 19, 2002 Newport Federal Savings Bank AR Iberiabank FSB
Jun 19, 2002 First Trust Bank of Shelbyville IL Main Street Bank & Trust
Jun 18, 2002 Independence Bank NC Bank of North Carolina
Jun 17, 2002 (unnamed) — Sabine State Bank and Trust Company
Jun 15, 2002 First State Bank of Texas TX Wells Fargo Bank Texas, National Association
Jun 15, 2002 The First National Bank of Texas TX Wells Fargo Bank Texas, National Association
Jun 15, 2002 First American Bank IA First American Bank
Jun 15, 2002 Associated Bank Minnesota MN Associated Bank Minnesota, National Association
Jun 15, 2002 Signal Bank South National Association MN Associated Bank Minnesota, National Association
Jun 15, 2002 Bank of Santa Fe, National Association NM Wells Fargo Bank New Mexico, National Association
Jun 14, 2002 Arvest Bank AR Arvest Bank
Jun 10, 2002 The Bancorp, Inc. WI The Baraboo Bancorporation, Inc.
Jun 10, 2002 Norkitt Bancorp, Inc. MN Marshall BankFirst Corporation
Jun 10, 2002 Wauneta Falls Bancorp, Inc. NE First Express of Nebraska, Inc.
Jun 7, 2002 Peoples Bank of Tompkinsville KY Edmonton State Bank
Jun 3, 2002 Rogers Park Safe Deposit Company IL The First Commercial Bank
Jun 3, 2002 Hercules Covington Employees Credit Union VA Jackson River Community Credit Union
Jun 3, 2002 Knottsville Credit Union KY Green River Area Federal Credit Union
Jun 3, 2002 Snowbird Employees Credit Union UT Utah First Federal Credit Union
Jun 1, 2002 Tehama Bank CA Humboldt Bank
Jun 1, 2002 Mercer County (Pa) United States Employees Federal Cu PA Pennstar Federal Credit Union
Jun 1, 2002 Educators Credit Union CO Power Credit Union
Jun 1, 2002 Super Chief Credit Union KS Envista Federal Credit Union
Jun 1, 2002 Menahga Co-Op Federal Credit Union MN Trustar Federal Credit Union
Jun 1, 2002 Hilton Davis Employees Federal Credit Union OH Kemba Credit Union, Inc.
Jun 1, 2002 Peoples Bank AR Iberiabank FSB
Jun 1, 2002 G N B Employees Credit Union IL Credit Union 1
Jun 1, 2002 West Central Illinois Credit Union IL Heritage Credit Union
Jun 1, 2002 Swanson Employees Federal Credit Union PA Widget Federal Credit Union
Jun 1, 2002 Firth Sterling Credit Union PA Parkview Community Federal Credit Union
Jun 1, 2002 The Morris Plan Savings Bank, Inc., SSB NC Randolph Bank & Trust Company
Jun 1, 2002 Mobile County Bank AL Century Bank
Jun 1, 2002 Snake River Teachers Credit Union ID Members Preferred Credit Union
Jun 1, 2002 Rocky Ford Federal Savings and Loan Association of Colorado CO Community Banks of Southern Colorado
Jun 1, 2002 Richfield Bank & Trust Co. MN M&I Marshall and Ilsley Bank
Jun 1, 2002 Lubbock Federal Credit Union TX Alliance Credit Union
Jun 1, 2002 Connecticut Family Credit Union, Inc. CT First Bristol 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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