Continental Illinois
Former bank in the United States / From Wikipedia, the free encyclopedia
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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]
Quick Facts Industry, Founded ...
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 |
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