The Continental Illinois National Bank and Trust Company was at one time the seventh-largest 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.
Famous quotes containing the word illinois:
“An Illinois woman has invented a portable house which can be carried about in a cart or expressed to the seashore. It has also folding furniture and a complete camping outfit.”
—Lydia Hoyt Farmer (1842–1903)