Closed Friday, May 9, 2008 · Bentonville, Benton County, Arkansas
ANB Financial, NA
No bank in Arkansas had failed for six years, since Sinclair National Bank closed in 2001. No failed bank in Arkansas was larger, of 43 on record there since 1934. ANB Financial, NA's estimated cost to the Deposit Insurance Fund makes it the 28th-costliest failure on FDIC record since 1934.
On the books, 2000 to 2008
Total assets peaked at $2.0 billion in the second quarter of 2007. In the three years to the second quarter of 2007, its assets grew 265%. Equity capital went from 6.7% of assets in the second quarter of 2000 to 2.0% at the last report. By then 37% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $120 million, was booked in 2007.* 2008: January to March only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; ANB Financial in red.
By assets it ranked eighth of the 25 failures in 2008. Across the failures of 2008, the median estimated loss came to 37% of assets. In the size ranking of that year, just above it was Silver State Bank of Henderson, Nevada ($2.0 billion, loss 37% of assets); just below, Integrity Bank of Alpharetta, Georgia ($1.1 billion, loss 42% of assets). Every 2008 failure in the explorer.
Failures in Arkansas
The next was First Southern Bank of Batesville, on December 17, 2010. Benton County has 2 failed banks on FDIC record since 1934. The other: Sinclair National Bank (2001).