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Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004. (Staff study 176) Institute of Mergers, Acquisitions and Alliances (MANDA) M&A An academic research institute on mergers & acquisitions, including bank mergers
Mergers and acquisitions are a driving force in the world of finance. Banks, for example, are consolidating all the time, and mergers are how some of the largest banks in America have grown so large.
The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
Although most failures were resolved through merger or acquisition, the FDIC's insurance fund was exhausted by late 2009. The largest FDIC payout for that year was for the failure of Florida-based BankUnited FSB, which cost the fund $5.6 billion out of $17 billion at the start of the year. [61]
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The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets. [9] First Midwest Bank assumed Waukegan Savings Bank's $77 million in deposits and $89 million in assets following its closure by the FDIC. The two Waukegan branches will open as First Midwest locations. [10]
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