and insurance fate fbop s banking subsidiaries were closed by their chartering agencies and the agencies appointed the fdic as receiver . headquarters oak park illinois united states number of locations 108 banking centers area served arizona california illinois and texas services commercial and retail banking net income 917 million 1 total assets 18.5 billion 2 number of employees 4064 1 subsidiaries bank usa cal national bank citizens national bank madisonville state bank north houston bank pacific national bank san diego national bank website www.fbop.com fbop corporation was a financial company based in oak park illinois 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 . 2 on october 30 2009 fbop s banking subsidiaries were closed by their chartering agencies and the federal deposit insurance corporation was appointed as their receiver . 3 the company had over 4064 employees . 1 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 illinois to create park national bank . fbop operated banks in illinois california texas and arizona prior to their closure . u.s. bancorp acquired all nine of fbop s nine banks on the day of closure but later sold the three texas based banks to prosperity bancshares . 4 contents 1 key people 2 former subsidiaries 3 acquisition history 4 bank failure 5 references 5.1 further reading 6 external links key people edit chairman michael e. kelly president robert m. heskett svp and cfo michael dunning former subsidiaries edit name market asset size cal national bank los angeles 5.6 billion 1 park national bank chicago 3.8 billion 1 san diego national bank san diego california 2.4 billion 1 pacific national bank san francisco california 1.3 billion 1 north houston bank houston texas 326 million 1 madisonville state bank madisonville texas 183 million 1 bank usa phoenix arizona 138 million 1 community bank of lemont lemont illinois 96 million 1 citizens national bank teague texas 64 million 1 acquisition history edit this section does not cite any sources . please help improve this section by adding citations to reliable sources . unsourced material may be challenged and removed . october 2009 learn how and when to remove this template message date acquisition 1 asset size millions 05 31 90 regency savings bank fsb 325 01 29 91 citizens national bank of chicago 20 05 17 91 cosmopolitan bank and trust 110 11 06 92 republic federal savings bank 250 02 28 93 madisonville state bank 100 03 18 94 irving federal savings bank 72 01 01 95 citizens national bank 25 03 31 95 north houston bank 72 06 30 95 international savings bank 250 04 12 96 san diego branches of california federal bank fsb 386 07 01 96 torrance bank ssb 107 11 01 96 topa savings bank and topa thrift and loan 525 01 24 97 dean witter trust fsb 13 02 28 97 san diego national bank 229 01 07 99 pullman bank and trust company 525 04 30 99 calumet federal savings and loan association of chicago 495 07 19 99 sterling savings bank 9 09 12 99 chicago city bank and trust company 176 02 18 00 los padres savings bank 65 04 30 01 peoples bank of california 3 228 12 31 01 fidelity federal bank 2 315 09 20 02 sterling bank 12 09 30 02 bankusa 116 01 13 03 park national bank and trust of chicago 246 11 07 03 continental community bank 12 07 01 04 california savings bank 864 01 02 07 united community bank of lisle 273 10 01 07 cardunal savings bank fsb 180 bank failure edit fbop s subsidiaries lost an estimated 800 million 5 when the united states treasury placed government sponsored mortgage investors fannie mae fnm fortune 500 and freddie mac fre fortune 500 into conservatorship and wiped out preferred stockholders . as a result fbop posted an operating loss of 708 million for 2008 . by the end of june fbop s resources had dwindled so low that the firm ranked below 98 % of similar bank holding companies in terms of tier 1 leverage ratio a measure of bank capital . in august 2009 fbop signed a so called written agreement with the federal reserve that gave it a schedule to raise capital improve risk management and reduce its concentration of commercial real estate loans . the bank was to submit a capital plan within 30 days . fbop failed to raise enough capital to satisfy the terms of the agreement . on october 30 2009 fbop s subsidiaries were closed by their chartering agencies and the federal deposit insurance corporation was appointed as their receiver . the fdic entered into a purchase and assumption agreement with minnesota based u.s. bancorp to assume the assets and deposit liabilities of the closed banks . the fdic estimates its losses on the combined transaction at 2.5 billion . 6 references edit a b c d e f g h i j k l m fbop corporation . holding companies . ibanknet.com . 2007 11 13 . retrieved 2008 01 22 . a b top 50 bank holding companies . federal financial institutions examination council . 2009 09 30 . retrieved 2009 10 31 . fdic press release pr 195 2009 u.s. bank na of minneapolis minnesota assumes all of the deposits of nine failed banks in arizona california illinois and texas http www.sec.gov archives edgar data 1068851 000119312510008896 dex991.htm http www.chicagobusiness.com cgi bin news.pl id 36000 9 banks in major holding company fail . cnn . 2009 10 30 . retrieved 2010 05 02 . further reading edit martin andrew 2010 06 19 . in chicago anger over the sale of park national bank . the new york times . issn 0362 4331 . retrieved 2014 06 22 . external links edit official site v t e oak park illinois schools oak park elementary school district oak park and river forest high school fenwick high school attractions frank lloyd wright prairie school of architecture historic district frank lloyd wright home and studio unity temple ernest hemingway homes and museum edgar rice burroughs homes oak park conservatory oak park river forest historical society pleasant home george w. smith house scoville square seward gunderson historic district robert p. parker house horse show fountain oscar b. balch house oak park arms walter gale house arthur heurtley house transportation oak park metra station green line cta blue line cta media around oak park oak park journal oak leaves irish american news wednesday journal culture and society oak park festival theatre prominent people from oak park township oak park township retrieved from https en.wikipedia.org w index.php title fbop corporation & oldid 738719015 categories bank failures in the united statesbanks based in illinoiscompanies based in cook county illinoisprivately held companies based in illinoishidden categories pages using infobox company with unsupported parametersarticles needing additional references from october 2009all articles needing additional referencesbanks with year of establishment missing navigation menu personal tools 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