FBOP Corporation was a

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

company based in Oak Park,

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...

, United States. As of mid-2009, it had $18.5 billion in assets and was the 46th largest bank holding company in the United States. On October 30, 2009, FBOP's banking subsidiaries were closed by their chartering agencies and the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

was appointed as their receiver. The company had over 4064 employees. The holding company began as First Bank of Oak Park. FBOP started acquiring other banks in 1990. In 2006, First Bank of Oak Park merged with four other co-owned banks in

to create Park National Bank. FBOP operated banks in

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

, and

Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...

, prior to their closure.

U.S. Bancorp U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...

acquired all nine of FBOP's nine banks on the day of closure, but later sold the three Texas-based banks to Prosperity Bancshares.

Key people

* Chairman: Michael E. Kelly * President: Robert M. Heskett * SVP and CFO: Michael Dunning

Former subsidiaries

Acquisition history

Bank failure

FBOP's subsidiaries lost an estimated $800 million when the United States Treasury placed government-sponsored mortgage investors

Fannie Mae The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the N ...

(FNM, Fortune 500) and

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.U.S. Bancorp U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...

to assume the assets and deposit liabilities of the closed banks. The FDIC estimates its losses on the combined transaction at $2.5 billion.

References

External links