Column chart showing the 20 largest financial company bankruptcies from 1980 to May 2009. The two top places are occupied by Lehman Brothers Holdings  with assets valued at 691,063 million US$, and Washington Mutual with assets of 327,913, which failed in 2008. Two large financial institutions filed for bankruptcy in 2009 and appear in the 20 top list. Thornburg Mortgage, Inc. on 2009-05-01 in the business of residential mortgage lending with assets of 36,521 is number 4. BankUnited Financial Corp on 2009-05-21, a bank holding company  with assets of 15,046 is number 13.

Although 2009 has not seen a collapse of financial institutions comparable to the one of 2008 - Lehman Brothers and Washington Mutual are the largest financial bankruptcies ever recorded - two financial institutions that have filed for bankruptcy since January 2009 count amongst the top 20 since 1980. A sign that the pain is still afflicting the financial industry.


20 Largest Public Financial Industry Bankruptcy Filings
1980 - May 2009


Bankruptcy Date


Pre-Petition Assets
(million US$)

Lehman Brothers Holdings Inc.2008-09-15Investment Bank691,063
Washington Mutual, Inc.2008-09-26Savings & Loan Holding 327,913
Conseco, Inc.2002-12-17Financial Services Holding 61,392
Thornburg Mortgage, Inc.2009-05-01Residential Mortgage Lending 36,521
Financial Corp. of America1988-09-09Financial Services & Savings and Loans33,864
Refco Inc.2005-10-17Brokerage Services33,333
IndyMac Bancorp, Inc.2008-07-31Bank Holding 32,734
Bank of New England Corp.1991-01-07Interstate Bank Holding 29,773
New Century Financial Corp.2007-04-02Real Estate Investment Trust26,147
MCorp1989-03-31Banking & Financial Services20,228
American Home Mortgage Investment Corp.2007-08-06Real Estate Investment Services18,829
First Executive Corp.1991-05-13Life Insurance& Financial Services15,193
BankUnited Financial Corp.2009-05-21Bank Holding 15,046
Gibraltar Financial Corp.1990-02-08Savings and Loan Holding 15,011
Reliance Group Holdings, Inc.2001-06-12Insurance Holding 14,616
HomeFed Corp.1992-10-22Savings and Loan Holding 13,885
Downey Financial Corp.2008-11-25Bank Holding 13,409
Southeast Banking Corp.1991-09-20Bank Holding 13,390
Fremont General Corp.2008-06-18Financial Services Holding 12,891
Imperial Corporation of America1990-02-28Savings and Loan Holding 12,263

Total assets value



Source: see BankruptcyData



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