Biggest U.S. Bank Failures

When the Federal Deposit Insurance Corp. seized Washington Mutual Inc. on Sept. 25, then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion, the failure of an institution with $307 billion in assets was by far the largest of its kind in U.S. banking history.

(Editor’s note: The F.D.I.C. announced Sept. 29 that Citigroup would acquire the banking operations of the Wachovia Corporation. The F.D.I.C. will absorb Wachovia’s losses over $42 billion, but will receive a $12 billion investment in Citigroup. Technically Wachovia did not fail, according to the F.D.I.C.)

Here’s a list of the 10 most expensive American bank failures, based on total asset figures provided by the FDIC. For those keeping score at home, the group is dominated by two states: California leads the way with four failures, while Texas has three.

1. Washington Mutual, Seattle (2008)
Total assets: $307 billion

2. Continental Illinois National Bank and Trust, Chicago (1984)
Total assets: $40.0 billion

3. First Republic Bank, Dallas (1988)
Total assets: $32.5 billion

4. IndyMac Bank, Pasadena, Calif. (2008)
Total assets: $32 billion

5. American S&LA, Stockton, Calif. (1988)
Total assets: $30.2 billion

6. Bank of New England, Boston (1991)
Total assets: $21.7 billion

7. MCorp, Dallas (1989)
Total assets: $18.5 billion

8. Gibraltar Savings, Simi Valley, Calif. (1989)
Total assets: $15.1 billion

9. First City Bancorporation, Houston (1988)
Total assets: $13.0 billion

10. Homefed Bank, San Diego (1992)
Total assets: $12.2 billion

Source: Associated Press and U.S. News & World Report

Related lists:

• Top Corporate Bankruptcies
• Biggest Corporate Bailouts
• ‘Emergency Economic Stabilization Act’ Highlights
• Cities With Least Personal Debt
• Cities With Most Personal Debt