Bank Failures in Brief - 2002

Bank Failures in Brief

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The list of Bank Failures in Brief is updated through December 31, 2002. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662). 

2002
BIF = Bank Insurance Fund
SAIF = Savings Association Insurance Fund
December 17 (BIF)
The Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana, with approximately $37 million in assets and $33.1 million in deposits, was assumed by Sabine State Bank and Trust Company, Many, Louisiana. (PR-131-2002)
November 8 (BIF)
The Bank of Alamo, Alamo, TN with  total deposits of approximately $55.3 million and total assets of about $69.4 million, was for approved payout by the FDIC Board of Directors. (PR-120-2002)
September 30 (BIF)
AmTrade International Bank, Atlanta, Georgia with  total deposits of approximately $10.2 million and total assets of about $12 million, was approved for payout by the FDIC Board of Directors. (PR-100-2002)
June 27 (SAIF)
Universal Federal Savings Bank, Chicago, Illinois, with approximately $52 million in assets and $40 million in deposits, was assumed by Chicago Community Bank, Chicago, Illinois. (PR-81-2002)
June 26 (BIF)
The Connecticut Bank of Commerce, Stamford, Connecticut, with approximately $398.6 million in assets and $323.7 million in deposits, was assumed by Hudson United Bank, Mahwah, New Jersey. (PR-80-2002)
March 28 (BIF)
New Century Bank, Shelby Township, Michigan, with  total deposits of approximately $17.9 million and total assets of about $18.9 million, was approved for payout by the FDIC Board of Directors.  (Press Release).
March 1 (BIF)
Net 1st National Bank, Boca Raton, Florida, with  total deposits of approximately $27.4 million and total assets of about $34.7 million, was assumed by Bank Leumi USA, of New York, New York.  (PR-26-2002).
February 7 (BIF)
NextBank, N.A., Phoenix, Arizona, with  total deposits of approximately $554 million and total assets of about $700 million, was approved for payout by the FDIC Board of Directors.  (PR-16-2002).
February 1 (BIF)
The Oakwood Deposit Bank Company, Oakwood, Ohio, with  total deposits of approximately $60.2 million and total assets of about $72.3 million, was assumed by The State Bank and Trust Company of Defiance, Ohio.  (PR-11-2002, PR-10-2002)
January 18 (BIF)
Bank of Sierra Blanca, Sierra Blanca, Texas, with total deposits of approximately $9.8 million and total assets of about $10.8 million, was assumed by The Security State Bank of Pecos, Pecos, Texas. (PR-5-2002).

January 11 (BIF)
Hamilton Bank, National Association, Miami, Florida, with total deposits of approximately $1.2 billion and total assets of $1.3 billion, was assumed by Israel Discount Bank of New York, New York, New York. (PR-3-2002).