Banks with the Most Covered Loans
August 13, 2012 12:52 PM
(Image: Fotolia)
The Biggest Haul
U.S. Bank: $11.1 billion in loans covered by FDIC agreementsThe unit of U.S. Bancorp has bought 14 failed banks since November 2008. Its largest acquisition came in November 2009, when U.S. Bank took over nine banks and $18 billion in deposits that had belonged to FBOP . (Image: Bloomberg News)
Landing a Big Fish
OneWest Bank: $9.3 billionThe Pasadena, Calif., bank, created by a group led by Steven Mnuchin, bought the failed IndyMac in March 2009 and has since added two other banks. (Image: Bloomberg News)
Island Consolidation
Banco Popular de Puerto Rico: $4 billionOne of four foreign-owned banks to have at least $1 billion in FDIC-covered loans, Banco Popular helped with cleaning up in Puerto Rico when it bought Westernbank in April 2010. So far, that is the bank's only failed-bank acquisition.
Deep South Dealing
Branch Banking & Trust: $4 billionBB&T has a pair of failed bank deals under its belt, but the North Carolina company's biggest deal since the financial crisis took place in August 2009 when it snagged Colonial Bank in Alabama . The deal gave the bank 346 branches, a big presence in Alabama and a larger profile in Florida.
A China Connection
East West Bank: $3.4 billionThe Pasadena, Calif., bank's takeover of United Commercial Bank involved both U.S. and Chinese regulators . East West agreed to take over the failed bank's U.S. operations and a branch in Hong Kong and a unit in Shanghai. (Image: Fotolia)
Canadian Bank Snags Caribbean Deal
Scotiabank de Puerto Rico: $2.7 billionThe Canadian bank bought R-G Premier Bank the same day in April 2010 that Banco Popular snagged Westernbank. A third Puerto Rico bank, Eurobank, also failed at that time and was sold to Oriental Bank. (Image: Fotolia)
A Failed Thrift is Reborn
BankUnited: $2.2 billionA group of private equity investors led by veteran banker John A. Kanas, bought the failed Florida thrift in May 2009. The group has rebounded due to a slow recovery in south Florida. They bought Herald National Bank in New York earlier this year in an open-bank deal. (Image: Bloomberg News)
Far-Flung Footprint
First Citizens Bank: $2 billionThe Raleigh, N.C., bank has gobbled up six banks in a diverse range of states such as California, Colorado, Florida and Washington.
