Closed Friday, January 15, 2010 · Kaysville, Davis County, Utah
Barnes Banking Company
No bank took over Barnes Banking Company's deposits: the FDIC paid insured depositors directly. Its founding in 1891 put it past its 100th year when it closed. Of the 27 failed banks on record in Utah since 1934, it ranks third by size.
On the books, 2002 to 2009
Total assets peaked at $971 million in the fourth quarter of 2008 and were 27% lower at the final report. Equity capital went from 14% of assets in the first quarter of 2002 to 0.9% at the last report. By then 31% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $96.7 million, was booked in 2009.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Barnes Banking Company in red.
By assets it ranked 30th of the 157 failures in 2010. 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 LibertyBank of Eugene, Oregon ($715 million, loss 7.1% of assets); just below, Darby Bank & Trust Co. of Vidalia, Georgia ($655 million, loss 19% of assets). Every 2010 failure in the explorer.
Two other banks closed that day; the largest was Town Community Bank and Trust of Antioch, Illinois, at $70.8 million.
Failures in Utah
It was one of three banks in Utah to fail in 2010. The previous failure there was America West Bank of Layton, on May 1, 2009. The next was Centennial Bank of Ogden, on March 5, 2010. Davis County has 2 failed banks on FDIC record since 1934. The other: America West Bank (2009).