Closed Friday, February 24, 2012 · Little Falls, Morrison County, Minnesota
Home Savings of America
No bank took over Home Savings of America's deposits: the FDIC paid insured depositors directly. In the three years to the fourth quarter of 2009, its assets grew 165%. Equity capital was below zero at its last report.
On the books, 2004 to 2011
Total assets peaked at $478 million and were 9% lower at the final report. Equity capital had covered 11% of assets in the first quarter of 2004. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $26.3 million, was booked in 2011.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Home Savings of America in red.
By assets it ranked eighth of the 51 failures in 2012. Within Minnesota it ranks fourth by size of the 70 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 NOVA Bank of Berwyn, Pennsylvania ($445 million, loss 19% of assets); just below, Plantation Federal Bank of Pawleys Island, South Carolina ($434 million, loss 19% of assets). Every 2012 failure in the explorer.
The only other bank closed that day was Central Bank of Georgia of Ellaville, Georgia.
Failures in Minnesota
It was one of four banks in Minnesota to fail in 2012. The previous failure there was Patriot Bank Minnesota of Forest Lake, on January 27, 2012. The next was Inter Savings Bank, fsb D/B/A InterBank, fsb of Maple Grove, on April 27, 2012. No other failed bank in the FDIC's records was based in Morrison County.