Closed Friday, November 8, 2002 · Alamo, Crockett County, Tennessee
Bank of Alamo
No bank in Tennessee had failed for ten years, since Cherokee Valley Federal Savings Bank closed in 1992. No bank took over Bank of Alamo's deposits: the FDIC paid insured depositors directly. Its founding in 1902 put it past its 100th year when it closed.
On the books, 1994 to 2002
Total assets peaked at $83.6 million in the third quarter of 2001 and were 30% lower at the final report. Equity capital went from 9.0% of assets in the fourth quarter of 1994 to below zero at the last report. By then 13% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $7.0 million, was booked in 2002 in only part of the year.* 2002: January to September only, the last report before closing.
Size against the other 2002 failures
Total assets of each 2002 failure, log scale; Bank of Alamo in red.
By assets it ranked sixth of the 11 failures in 2002. Within Tennessee it ranks 20th by size of the 70 failures recorded since 1934. Across the failures of 2002, the median estimated loss came to 16% of assets. In the size ranking of that year, just above it was Oakwood Deposit Bank Co. of Oakwood, Ohio ($72.3 million, loss 88% of assets); just below, Universal Federal Savings Bank of Chicago, Illinois ($51.6 million, loss 0.5% of assets). Every 2002 failure in the explorer.
Failures in Tennessee
The next was Tennessee Commerce Bank of Franklin, on January 27, 2012. No other failed bank in the FDIC's records was based in Crockett County.