Closed Friday, September 11, 2009 · Woodbury, Washington County, Minnesota
Brickwell Community Bank
In the three years to the fourth quarter of 2008, Brickwell Community Bank's assets grew 127%. Equity capital was below zero at its last report. It lost money in every one of the six reporting years on file before it closed.
On the books, 2004 to 2009
Total assets peaked at $83.8 million and were 13% lower at the final report. Equity capital had covered 93% of assets in the second quarter of 2004. By then 19% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $4.2 million, was booked in 2009 in only part of the year.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Brickwell Community Bank in red.
By assets it ranked 123rd of the 140 failures in 2009. Within Minnesota it ranks 14th by size of the 70 failures recorded since 1934. 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 Rock River Bank of Oregon, Illinois ($74.8 million, loss 25% of assets); just below, Pinnacle Bank of Beaverton, Oregon ($71.9 million, loss 14% of assets). Every 2009 failure in the explorer.
Two other banks closed that day; the largest was Corus Bank, N.A. of Chicago, Illinois, at $7.0 billion.
Failures in Minnesota
It was one of six banks in Minnesota to fail in 2009. The previous failure there was Mainstreet Bank of Forest Lake, on August 28, 2009. The next was Jennings State Bank of Spring Grove, on October 2, 2009. Washington County has 5 failed banks on FDIC record since 1934. The others: Oak Park Bank (1988), Mainstreet Bank (2009), Prosperan Bank (2009), Patriot Bank Minnesota (2012).