Top 10 Banks that became Bankrupt in 21st Century
There are many supporters as well as haters of the current financial system that rules the world. Supporters see it as an opportunity for those who wish to achieve greater heights whereas those who oppose it think that it is exploiting the masses for the good of the selected few.
Banks are an integral part of this system and provide people with some very important and essential services. While banking is generally considered very profitable, there have been some well known names that have gone bankrupt much to the surprise of most.
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1
Commerce Bancorp
The bank opened in 1973 and went bankrupt in 2007. Its headquarters were in New Jersey. It was purchased by Toronto Dominion Bank.
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2
Caja de Ahorros Castilla La Mancha
The bank from Spain started operations in 1992 and went bankrupt in 2009. It was bailed out by the Spanish government by paying $11.8 billion.
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3
Fortis
The bank also provided insurance and financial management services. It went bad in 2008 and was sold in smaller parts rather than as a whole.
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4
Indy Mac Federal Bank
The bank for Los Angeles was better known as Independent National Mortgage Corporation. It filed a chapter 11 bankruptcy in 2008 mainly due to its incorrect loan provision policies.
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5
Wachovia
It was a diverse financial institution that was formed in 1879. Wells Fargo purchased it in 2008 after it had gone bankrupt.
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6
HBOS
In 2008, Llyods Banking group took over this Scottish bank and insurance company. It had started its operations only a few years back in 2001.
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7
Royal Bank of Scotland
RBS was established in 1727 and was related to banking and insurance industry. It was acquired by the Government of UK in 2008.
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8
Merrill Lynch
Another old timer that went bankrupt. It was established in 1914 and went bankrupt in 2008 when it was purchased by bank of America.
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9
American International Group
Based in New York, the bank started its operations in 1919. In 2008, the Federal Reserve purchased it for $85 billion.
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10
Citigroup
Probably the largest bank ever to take this route. Operating since 1812, it is still among the top four banks in US and was acquired by the US government in 2008’s financial meltdown.
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