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
Jun 1, 2002	Security State Bank	IA	United Community Bank
Jun 1, 2002	Interstate Publishers Employees Credit Union	IL	Danville Bell Credit Union
Jun 1, 2002	Grand Bancorp, Inc.	AL	Bancorp of Lucedale, Inc.
Jun 1, 2002	K. Roberts, Inc.	MN	Northwestern Bancshares, Inc.
Jun 1, 2002	Century Bank, National Association	MN	M&I Marshall and Ilsley Bank
Jun 1, 2002	American Community Bank of Georgia	GA	First National Bank of Griffin
Jun 1, 2002	Security First Network Bank	GA	RBC Bank (USA)
Jun 1, 2002	Capitol Valley Bank	CA	Humboldt Bank
May 31, 2002	Alice City Employees Federal Credit Union	TX	Gulf Coast Federal Credit Union
May 31, 2002	SBC Financial Corporation	NY	The Oneida Savings Bank
May 31, 2002	First Superior Credit Union	WI	Unitedone Credit Union
May 29, 2002	Alcoa Federal Credit Union	IN	Health Care Professionals Federal Credit Union
May 28, 2002	Charter National Bancorp, Inc.	MI	Charter-Michigan Bancorp, Inc.
May 28, 2002	True Blue Federal Credit Union	WV	West Virginia Federal Credit Union
May 25, 2002	Palomar Community Bank	CA	1st Centennial Bank
May 23, 2002	Thomson Investment Company, Inc.	IL	Savanna-Thomson Investment, Inc.
May 23, 2002	Savanna State Bank	IL	Fidelity Bank
May 21, 2002	Erie Concrete Steel Employees Federal Credit Union	PA	Erie Times Employees Federal Credit Union
May 21, 2002	Omega City Holding Company	ND	First Financial Corporation
May 18, 2002	Citizens Bank and Trust Company	MS	The Citizens Bank of Philadelphia
May 17, 2002	Arvest Bank	OK	Arvest Bank
May 17, 2002	Charter One Commercial	NY	Charter One Bank, National Association
May 17, 2002	Arvest Bank	OK	Arvest Bank
May 17, 2002	Independence Bank, National Association	TX	Regions Bank
May 17, 2002	Arvest Bank	OK	Arvest Bank
May 16, 2002	Prices Employees Federal Credit Union	TX	Mountain Star Federal Credit Union
May 16, 2002	I S E a Credit Union	IA	Greater Iowa Credit Union
May 15, 2002	The Bank of Parrish	AL	First National Bank
May 15, 2002	CPR	—	Credit Agricole Corporate and Investment Bank
May 15, 2002	Harbor Japanese Credit Union	CA	Jacom Credit Union
May 14, 2002	First Western Bank	CA	MUFG Union Bank, National Association
May 11, 2002	Community First Bank	GA	Truist Bank
May 10, 2002	The Bank of St. Charles County	MO	Allegiant Bank
May 9, 2002	Starpoint Central School Federal Credit Union	NY	Niagara Regional Federal Credit Union
May 9, 2002	The Yonkers Savings and Loan Association, F.A.	NY	Atlantic Bank of New York
May 9, 2002	Texas Guaranty Bank, National Association	TX	Prosperity Bank
May 6, 2002	FNB-Southwest, National Association	VA	FNB Salem Bank and Trust, National Association
May 6, 2002	FNB Mortgage Company	CO	First Main Street Bank, National Association
May 2, 2002	Williamstown Mutual Holding Company	MA	Mountainone Financial, MHC
May 1, 2002	Bank of Avoca	NY	Bath National Bank
May 1, 2002	Coastal Commerce Bankshares, Inc.	LA	Kaplan State Bank
May 1, 2002	Cushman Federal Credit Union	NE	Lincone Federal Credit Union
May 1, 2002	Freedom Area Schools Federal Credit Union	PA	Freedom United Federal Credit Union
May 1, 2002	Ampco Credit Union	WI	Guardian Credit Union
May 1, 2002	Michigan Railroaders Credit Union	MI	South Central Credit Union
May 1, 2002	Christ Hospital Federal Credit Union	NJ	Healthcare Employees Federal Credit Union
May 1, 2002	LTV Steel Employees Federal Credit Union	IN	Tech Credit Union
May 1, 2002	Allied Van Lines Employees Credit Union	IL	Credit Union 1
May 1, 2002	Metro East Credit Union	IL	Scott Credit Union
May 1, 2002	Apa Federal Credit Union	DC	Signal Financial 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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