Closed Friday, May 30, 2008 · Staples, Todd County, Minnesota
First Integrity Bank, NA
No bank in Minnesota had failed for seven years, since Town and Country Bank of Almelund closed in 2000. First Integrity Bank, NA's assets had shrunk 44% from their peak in the third quarter of 2003 by the last report before closing. It reported a net loss in four of its final nine reporting years.
On the books, 2000 to 2008
Total assets peaked at $95.0 million. Equity capital went from 7.7% of assets in the second quarter of 2000 to 0.6% at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $3.6 million, was booked in 2007.* 2008: January to March only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; First Integrity Bank in red.
By assets it ranked 21st of the 25 failures in 2008. Within Minnesota it ranks 18th by size of the 70 failures recorded since 1934. Across the failures of 2008, the median estimated loss came to 37% of assets. In the size ranking of that year, just above it was Ameribank of Northfork, West Virginia ($104 million, loss 37% of assets); just below, Douglass National Bank of Kansas City, Missouri ($52.8 million, loss 14% of assets). Every 2008 failure in the explorer.
Failures in Minnesota
The next was Horizon Bank of Pine City, on June 26, 2009. Todd County has 5 failed banks on FDIC record since 1934. The others: Farmers State Bank of Clarissa (1986), Todd County State Bank (1987), Citizens State Bank of Eagle Bend (1988), The Lee State Bank (1989).