'''''' was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele. In 1992, Due to , the
statutory corporation was split into a "company limited by shares"
S.p.A. (in short
Carichieti S.p.A.), and a banking foundation Fondazione ("Fondazione Chieti" in short). The foundation was the owner of Carichieti S.p.A. for 80%, with
Cariplo owned 20%. Cariplo also owned 20% shares of Abruzzo savings banks
Caripe and
Tercas.
Intesa Sanpaolo, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy.
Insolvency The company was under special administration (A.S.) from 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80% as at 31 December 2013. The administrator from the
Bank of Italy had made asset quality review, forcing the bank to make more provision to their
non-performing loans. In 2015 one of the two Italian
deposit guarantee fund
Fondo Interbancario di Tutela dei Depositi (which most of the banks except BCC banking group belongs to) had planned to bail-out CariChieti and 3 other banks that were also under A.S., but they were bail-out by instead, for a recapitalisation of €2 billion (€141 million for CariChieti). The European Commission ruled that the bail out of
Banca Tercas by FITD in 2014 was a state aid, while new
Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention. The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses. After forming the good bank and the bad bank, the old bank would be liquidated, which the shareholders and
subordinated bond holders of the old bank would receive nothing due to bail-in. After the bail-in, the banking foundation had a net assets of just €11 million (decreased from €89 million) at 31 December 2015, due to the total write-off of the value of the shares of the old bank. On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as
deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed. The decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme:
Fondo di solidarietà, would be managed by FITD.
Nuova Carichieti / Banca Teatina On 22 November 2015 the bank split into a "good" and "bad bank", the foundation lost the control on the company, which had no assets but share capital and
subordinated debt. The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%. While the
bad loans were transferred to a single "bad bank"
REV - Gestione Crediti, which was shared with
Carife,
Banca Etruria and
Banca Marche. The transfer was completed in January 2016. The rescue of the four banks was in line with EU
Bank Recovery and Resolution Directive, which the
Bank of Italy was the national resolution authority of the
Single Resolution Mechanism. At 31 December 2015, CariChieti had a net equity of €117 million and a CET1 ratio of 9.53%. On 12 January 2017,
UBI Banca made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche. The banking group also requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal (which was done by selling NPLs to
Atlante II and
Credito Fondiario On 10 May, the transaction was completed, which Nuova CariChieti was renamed to
Banca Teatina (effective in September). On the same day, a plan to merge the 3 banks into UBI Banca was also announced. ==Banking foundation==