Closed Friday, July 17, 2009 · Sioux Falls, Lincoln County, South Dakota
BankFirst
No bank in South Dakota had failed for 17 years, since First Federal Savings Bank of South Dakota closed in 1992. No failed bank in South Dakota was larger, of 32 on record there since 1934. The estimated loss came to 52% of BankFirst's assets, one of the 30 highest ratios among the 583 failures since 2000.
On the books, 2001 to 2009
Total assets peaked at $929 million in the first quarter of 2002 and were 77% lower at the final report. Equity capital went from 15% of assets in the third quarter of 2001 to below zero at the last report. By then 37% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $81.2 million, was booked in 2008.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; BankFirst in red.
By assets it ranked 80th of the 140 failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Neighborhood Community Bank of Newnan, Georgia ($213 million, loss 38% of assets); just below, InBank of Oak Forest, Illinois ($210 million, loss 27% of assets). Every 2009 failure in the explorer.
Three other banks closed that day; the largest was Vineyard Bank, National Association of Rancho Cucamonga, California, at $1.6 billion.
Failures in South Dakota
No bank in South Dakota has failed since. No other failed bank in the FDIC's records was based in Lincoln County.