Closed Friday, January 22, 2010 · Leeton, Johnson County, Missouri
Bank of Leeton
Bank of Leeton's founding in 1896 put it past its 100th year when it closed. In the three years to the first quarter of 2009, its assets grew 140%. Equity capital was below zero at its last report.
On the books, 2002 to 2009
Total assets peaked at $26.4 million and were 24% lower at the final report. Equity capital had covered 34% of assets in the first quarter of 2002. By then 10% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $2.5 million, was booked in 2009.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Bank of Leeton in red.
By assets it ranked 153rd of the 157 failures in 2010. Within Missouri it ranks 44th by size of the 122 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 St. Stephen State Bank of St. Stephen, Minnesota ($22.9 million, loss 34% of assets); just below, 1st American State Bank of Minnesota of Hancock, Minnesota ($18.2 million, loss 25% of assets). Every 2010 failure in the explorer.
Regulators closed five banks that day. The largest of the others was Charter Bank of Santa Fe, New Mexico, at $1.2 billion.
Failures in Missouri
It was one of six banks in Missouri to fail in 2010. The previous failure there was Gateway Bank of St. Louis of St. Louis, on November 6, 2009. The next was Champion Bank of Creve Coeur, on April 30, 2010. No other failed bank in the FDIC's records was based in Johnson County.