Closed Friday, July 31, 2009 · Altus, Jackson County, Oklahoma
First State Bank of Altus
No bank in Oklahoma had failed for 17 years, since American Bank of Commerce closed in 1992. First State Bank of Altus's founding in 1909 put it past its 100th year when it closed. Equity capital was below zero at its last report.
On the books, 2001 to 2009
Total assets peaked at $133 million in the first quarter of 2005 and were 32% lower at the final report. Equity capital had covered 12% of assets in the third quarter of 2001. By then 31% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $13.1 million, was booked in 2009 in only part of the year.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; First State Bank of Altus in red.
By assets it ranked 117th of the 140 failures in 2009. Within Oklahoma it ranks 39th by size of the 171 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Community National Bank of Sarasota County of Venice, Florida ($92.5 million, loss 27% of assets); just below, Horizon Bank of Pine City, Minnesota ($84.8 million, loss 28% of assets). Every 2009 failure in the explorer.
Regulators closed five banks that day. The largest of the others was Mutual Bank of Harvey, Illinois, at $1.6 billion.
Failures in Oklahoma
The next was Home National Bank of Blackwell, on July 9, 2010. Jackson County has 2 failed banks on FDIC record since 1934. The other: First Southwest Bank (1988).