Closed Friday, August 20, 2010 · Chico, Butte County, California
Butte Community Bank
Regulators closed eight banks that day. Butte Community Bank was the largest of two banks handed to Rabobank, N.A. together on the day it closed. In 2010 regulators closed 12 banks in California; this was the eighth.
On the books, 2002 to 2010
Total assets peaked at $603 million in the first quarter of 2009 and were 17% lower at the final report. Equity capital went from 8.1% of assets in the third quarter of 2002 to 3.8% at the last report. By then 20% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $26.5 million, was booked in 2009.* 2010: January to June only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Butte Community Bank in red.
By assets it ranked 43rd of the 157 failures in 2010. Within California it ranks 51st by size of the 239 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 The Park Avenue Bank of New York, New York ($520 million, loss 15% of assets); just below, Desert Hills Bank of Phoenix, Arizona ($497 million, loss 22% of assets). Every 2010 failure in the explorer.
Closed together
With Butte Community Bank, the group reported $811 million in assets, and the FDIC's estimated loss on all two is $35.7 million. They have no separate pages here.
The other banks in the same transaction
Bank
Location
Total assets
Est. loss
Founded
Pacific State Bank
Stockton, CA
$312 million
$34.0 million
1987
The largest of the others outside this group was ShoreBank of Chicago, Illinois, at $2.2 billion.
Failures in California
The previous failure there was Granite Community Bank, NA of Granite Bay, on May 28, 2010. The next was Western Commercial Bank of Woodland Hills, on November 5, 2010. Butte County has 2 failed banks on FDIC record since 1934. The other: First National Bank (1986).