 | |
| Industry | Bank holding company |
|---|---|
| Founded | 1910 |
| Defunct | 1994 |
| Fate | Insolvency; seized by the FDIC, ultimately sold to Bank of America |
| Successor | Bank of America |
| Headquarters | Chicago, Illinois, United States |
| Products | Financial services |
The Continental Illinois National Bank and Trust Company was at one time the seventh-largest commercial bank in the United States as measured by deposits, with approximately $40 billion in assets. In 1984, Continental Illinois became the largest ever bank failure in U.S. history, when a run on the bank led to its seizure by the Federal Deposit Insurance Corporation (FDIC). Continental Illinois retained this dubious distinction until the failure of Washington Mutual in 2008 during the financial crisis of 2008, which ended up being over seven times larger than the failure of Continental Illinois.[1][2][3]
- ^ Dash, Eric; Sorkin, Andrew Ross (September 26, 2008). "Government Seizes WaMu and Sells Some Assets". The New York Times. p. A1. Retrieved 2008-09-26.
- ^ "Washington Mutual sold to JPMorgan Chase after FDIC seizure". KING 5 TV. 2008-09-26. Archived from the original on September 26, 2008. Retrieved 2008-09-26.
- ^ DeSilver, Drew (2008-09-26). "Feds seize WaMu in nation's largest bank failure". Seattle Times. Retrieved 2008-09-26.
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