U.S. banking regulators engineered the sale of Washington Mutual Inc (WM.N) on Thursday, the largest savings bank and the biggest U.S. bank failure ever.
The following is a list of the top 10 bank failures since 1934, based on the size of their assets, as reported by the Federal Deposit Insurance Corp.
1. Washington Mutual of Henderson, Nevada and Park City, Utah; seized September 25 with $307 billion in assets as of June 30.
2. Continental Illinois of Chicago, collapsed in 1984 with $40.0 billion in assets.
3. First RepublicBank Corp of Dallas failed in 1988 with $32.5 billion in assets.
4. IndyMac Bank FSB of Pasadena, California, collapsed in July with assets of $32 billion.
5. The American Savings & Loan Assoc. of Stockton, California, failed in 1988 with assets of $30.2 billion.
6. Bank of New England Corp collapsed in 1991 with assets of $21.7 billion.
7. MCorp of Dallas failed in 1989 with assets of $15.6 billion.
8. Gilbraltar Savings of Simi Valley, California, collapsed in 1989 with assets of $15.1 billion.
9. First City Bancorp of Houston failed in 1988 with assets of $13.0 billion.
10. Homefed Bank FA of San Diego failed in 1992 with assets of $12.2 billion.
Note: Information taken from FDIC database and Office of Thrift Supervision.
(Reporting by Andrea Shalal-Esa; editing by Carol Bishopric)