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Bank Failures

2002 in Brief

There were 11 bank failures in 2002. See detailed descriptions below.

For more bank failure information on a specific year, select a date from the drop down menu to the right or select a month within the graph.

2002 Summary by Month

(Approximate asset dollar volume based on figures from the press releases)

Months	Dec	Nov	Sep	Jun	Jun	Mar	Mar	Feb	Feb	Jan	Jan
Bank Failures	1	1	1	1	1	1	1	1	1	1	1
Approx. Asset (Millions)	37.00	69.40	12.00	51.60	398.60	19.00	34.70	700.00	72.30	10.80	1300.00

December Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
Farmers Bank of Cheneyville, Cheneyville, LA	PR-131-2002	December 17, 2002	$37.0	$33.1	Sabine State Bank and Trust Company, Many, LA agreed to assume all insured deposit accounts.(BIF)

November Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
Bank of Alamo, Alamo, TN	PR-120-2002	November 8, 2002	$69.4	$55.3	The FDIC has approved the payout of the insured deposits of Bank of Alamo. (BIF)

September Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
AmTrade International Bank, Atlanta, GA	PR-100-2002	September 30, 2002	$12.0	$10.2	The FDIC has approved the payout of the insured deposits of AmTrade International Bank. (BIF)

June Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
Universal Federal Savings Bank, Chicago, IL	PR-81-2002, PR-76-2002	June 27, 2002	$51.6	$40.0	Chicago Community Bank, Chicago, IL agreed to assume all deposits. (SAIF)
Connecticut Bank of Commerce, Stamford, CT	PR-80-2002, PR-74-2002	June 26, 2002	$398.6	$323.7	Hudson United Bank, Mahwah, NJ agreed to assume all insured deposit accounts. (BIF)

March Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
New Century Bank, Shelby Township, MI	PR-38-2002	March 28, 2002	$19.0	$18.0	The FDIC has approved the payout of the insured deposits of New Century Bank. (BIF)
Net 1st National Bank, Boca Raton, FL	PR-26-2002	March 1, 2002	$34.7	$23.9	Bank Leumi USA of New York, NY agreed to assume all deposits. (BIF)

February Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
NextBank, NA, Phoenix, AZ	PR-16-2002	February 7, 2002	$700.0	$554.0	The FDIC has approved the payout of the insured deposits of NextBank, N.A. (BIF)
Oakwood Deposit Bank Co., Oakwood, OH	PR-11-2002, PR-10-2002	February 1, 2002	$72.3	$60.2	The State Bank and Trust Company of Defiance, OH agreed to assume all insured deposit accounts. (BIF)

January Back to Top
Bank Name	Press Release	Closing Date	Approx. Asset (Millions)	Approx. Deposit (Millions)	Acquirer & Transaction
Bank of Sierra Blanca, Sierra Blanca, TX	PR-5-2002	January 18, 2002	$10.8	$9.8	The Security State Bank of Pecos, Pecos, TX greed to assume all insured deposit accounts. (BIF)
Hamilton Bank, N.A., Miami, FL	PR-3-2002	January 11, 2002	$1,300.0	$1,200.0	Israel Discount Bank of New York, New York, NY greed to assume all insured deposit accounts. (BIF)

*SAIF = Savings Association Insurance Fund **BIF = Bank Insurance Fund