This study aims to determine the distress level subsisting in the bridge banks set up by the Central Bank of Nigeria in 2011 to take over the nationalized banks; and the 2011-classified unsound banks using the Altman's discriminant analysis model. Secondary data from four sampled classified distressed and unsound banks from the declared six for two years preceding their nationalization and two years after using the stratified sampling technique were analysed using the Alman Z-score discriminant analysis. Results shows that there are marginal improvements in the financial status of the sampled banks between 2010-2013 but they are still in a bankrupt position with Union Bank Plc, Wema Bank Plc, Keystone Bank Ltd and Mainstreet Bank Ltd having a Z-score of -0.56, 0.417, 1.5 and 0.45 respectively at 2013, all below the minimum threshold of 2.675 for classification of a bank as sound and non-bankrupt. This implies that the general broad-based monetary policy measures introduced by the CBN for the financially distressed bank are not much effective in resolving their financial crises in general, making necessary the introduction of bank-specific monetary and financial policies to solve identified bank-specific problems, and the CBN directly supervising these banks with daily monitoring of their operations.