Closed Friday, June 4, 2010 · Arcola, Douglas County, Illinois
Arcola Homestead Savings Bank
No bank took over Arcola Homestead Savings Bank's deposits: the FDIC paid insured depositors directly. The estimated loss came to 68% of its assets, one of the 30 highest ratios among the 583 failures since 2000. Its founding in 1883 put it past its 100th year when it closed.
On the books, 2002 to 2010
Total assets peaked at $19.1 million in the third quarter of 2009 and were 11% lower at the final report. In the three years to the third quarter of 2009, its assets grew 196%. Equity capital went from 16% of assets in the second quarter of 2002 to below zero at the last report. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $2.7 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Arcola Homestead Savings Bank in red.
By assets it ranked 155th of the 157 failures in 2010. Within Illinois it ranks 148th by size of the 185 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was 1st American State Bank of Minnesota of Hancock, Minnesota ($18.2 million, loss 25% of assets); just below, Imperial Savings and Loan Association of Martinsville, Virginia ($9.4 million, loss 50% of assets). Every 2010 failure in the explorer.
Two other banks closed that day; the largest was TierOne Bank of Lincoln, Nebraska, at $2.8 billion.
Failures in Illinois
In 2010 regulators closed 16 banks in Illinois; this was the 12th. The previous failure there was Midwest Bank and Trust Company of Elmwood Park, on May 14, 2010. The next was Ravenswood Bank of Chicago, on August 6, 2010. Douglas County has 3 failed banks on FDIC record since 1934. The others: The First National Bank and Trust Company of Tuscola (1982), First Federal Savings and Loan Association of Tuscola (1990).