Closed Friday, September 23, 2016 · Mulberry, Crawford County, Arkansas
Allied Bank
No bank in Arkansas had failed for five years, since First Southern Bank closed in 2010. Allied Bank's founding in 1902 put it past its 100th year when it closed. Its assets had shrunk 65% from their peak in the third quarter of 2010 by the last report before closing.
On the books, 2008 to 2016
Total assets peaked at $191 million. Equity capital went from 10% of assets in the third quarter of 2008 to 2.0% at the last report. By then 12% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in six of its final nine reporting years. The deepest annual loss, $4.9 million, was booked in 2013.* 2016: January to June only, the last report before closing.
Size against the other 2016 failures
Total assets of each 2016 failure, log scale; Allied Bank in red.
It was the third-largest of the 5 bank failures in 2016. Within Arkansas it ranks 16th by size of the 43 failures recorded since 1934. Across the failures of 2016, the median estimated loss came to 15% of assets. In the size ranking of that year, just above it was North Milwaukee State Bank of Milwaukee, Wisconsin ($67.1 million, loss 18% of assets); just below, The Woodbury Banking Company of Woodbury, Georgia ($21.4 million, loss 15% of assets). Every 2016 failure in the explorer.
Failures in Arkansas
No bank in Arkansas has failed since. No other failed bank in the FDIC's records was based in Crawford County.