Closed Friday, June 4, 2010 · Rosedale, Bolivar County, Mississippi
First National Bank
No bank in Mississippi had failed for nine years, since The Bank of Falkner closed in 2000. First National Bank's founding in 1907 put it past its 100th year when it closed. Equity capital was below zero at its last report.
On the books, 2002 to 2010
Total assets peaked at $86.0 million in the third quarter of 2009 and were 30% lower at the final report. Equity capital had covered 13% of assets in the second quarter of 2002. By then 36% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $13.5 million, was booked in 2010 in only part of the year.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; First National Bank in red.
By assets it ranked 139th of the 157 failures in 2010. Within Mississippi it ranks 13th by size of the 33 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 Pinehurst Bank of Saint Paul, Minnesota ($61.2 million, loss 14% of assets); just below, Marshall Bank, N.A. of Hallock, Minnesota ($58.6 million, loss 1.8% of assets). Every 2010 failure in the explorer.
Two other banks closed that day; the largest was TierOne Bank of Lincoln, Nebraska, at $2.8 billion.
Failures in Mississippi
The next was Heritage Banking Group of Carthage, on April 15, 2011. No other failed bank in the FDIC's records was based in Bolivar County.