The Federal Bank of Everett was formed from the collapse of multiple banking corporations. As the recession struck the stock market in the United States and Everett, banks began to suffer massive losses and ended up making pleads to the government for aid to prevent a total collapse of their companies. The result was a bailout agreement between Everett and failed banks. Those in need were bailed out fully but then were taken under the control of the Everetti government's Department of the Treasury.