Closed Friday, February 14, 2020 · Ericson, Wheeler County, Nebraska
Ericson State Bank
No bank in Nebraska had failed for eight years, since Mid City Bank, Inc. closed in 2011. Ericson State Bank was the third-largest of the 4 bank failures in 2020.
On the books, 2012 to 2019
Total assets peaked at $113 million in the third quarter of 2019 and were 11% lower at the final report. Equity capital went from 9.4% of assets in the first quarter of 2012 to 3.7% at the last report. The deepest annual loss, $3.5 million, was booked in 2019.
Size against the other 2020 failures
Total assets of each 2020 failure, log scale; Ericson State Bank in red.
Within Nebraska it ranks tenth by size of the 54 failures recorded since 1934. Across the failures of 2020, the median estimated loss came to 24% of assets. In the size ranking of that year, just above it was First City Bank of Florida of Fort Walton Beach, Florida ($137 million, loss 5.3% of assets); just below, Almena State Bank of Almena, Kansas ($65.7 million, loss 24% of assets). Every 2020 failure in the explorer.
Failures in Nebraska
No bank in Nebraska has failed since. No other failed bank in the FDIC's records was based in Wheeler County.