Closed Friday, July 13, 2012 · Glasgow, Howard County, Missouri
Glasgow Savings Bank
Founded in 1852, Glasgow Savings Bank had been in business 160 years, the second-longest run among the failures since 2000 with a known founding date. Its assets had shrunk 43% from their peak in the first quarter of 2010 by the last report before closing. It reported a net loss in four of its final nine reporting years.
On the books, 2004 to 2012
Total assets peaked at $39.4 million. Equity capital went from 11% of assets in the third quarter of 2004 to 2.0% at the last report. By then 21% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $3.0 million, was booked in 2010.* 2012: January to June only, the last report before closing.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Glasgow Savings Bank in red.
By assets it ranked 50th of the 51 failures in 2012. Within Missouri it ranks 43rd by size of the 122 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Community Bank of the Ozarks of Sunrise Beach, Missouri ($42.8 million, loss 31% of assets); just below, American Eagle Savings Bank of Boothwyn, Pennsylvania ($19.3 million, loss 24% of assets). Every 2012 failure in the explorer.
Failures in Missouri
It was one of four banks in Missouri to fail in 2012. The previous failure there was Sun Security Bank of Ellington, on October 7, 2011. The next was Truman Bank of St. Louis, on September 14, 2012. No other failed bank in the FDIC's records was based in Howard County.