Closed Thursday, July 2, 2009 · Winchester, Scott County, Illinois
First State Bank of Winchester
Founded in 1867, First State Bank of Winchester had been in business 142 years, the sixth-longest run among the failures since 2000 with a known founding date. Equity capital was below zero at its last report. In 2009 regulators closed 21 banks in Illinois; this was the 12th.
On the books, 2001 to 2009
Total assets peaked at $45.5 million in the fourth quarter of 2004 and were 34% lower at the final report. Equity capital had covered 8.2% of assets in the third quarter of 2001. The deepest annual loss, $2.7 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 Winchester in red.
By assets it ranked 136th of the 140 failures in 2009. Within Illinois it ranks 127th by size of the 185 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 Southern Colorado National Bank of Pueblo, Colorado ($37.1 million, loss 22% of assets); just below, Gateway Bank of St. Louis of St. Louis, Missouri ($26.9 million, loss 43% of assets). Every 2009 failure in the explorer.
Regulators closed seven banks that day. The largest of the others was Founders Bank of Worth, Illinois, at $889 million.
Failures in Illinois
The previous failure there was Bank of Lincolnwood of Lincolnwood, on June 5, 2009. The next was Mutual Bank of Harvey, on July 31, 2009. No other failed bank in the FDIC's records was based in Scott County.