Closed Friday, January 28, 2011 · Taos, Taos County, New Mexico
First Community Bank
No failed bank in New Mexico was larger, of 27 on record there since 1934. First Community Bank was the second-largest of the 92 bank failures in 2011. No other New Mexico bank failed in 2011.
On the books, 2003 to 2010
Total assets peaked at $3.5 billion in the first quarter of 2009 and were 38% lower at the final report. Equity capital went from 10% of assets in the first quarter of 2003 to 1.6% at the last report. By then 17% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $149 million, was booked in 2008.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; First Community Bank in red.
Across the failures of 2011, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 170th of 2,944 failures since 1934. In the size ranking of that year, just above it was Superior Bank of Birmingham, Alabama ($3.0 billion, loss 9.4% of assets); just below, United Western Bank of Denver, Colorado ($2.2 billion, loss 6.2% of assets). Every 2011 failure in the explorer.
Three other banks closed that day; the largest was FirsTier Bank of Louisville, Colorado, at $764 million.
Failures in New Mexico
The previous failure there was High Desert State Bank of Albuquerque, on June 25, 2010. No bank in New Mexico has failed since. Taos County has 2 failed banks on FDIC record since 1934. The other: The Red River Bank (1990).