Closed Friday, August 20, 2010 · Martinsville, Martinsville City, Virginia
Imperial Savings and Loan Association
The estimated loss came to 50% of Imperial Savings and Loan Association's assets, one of the 30 highest ratios among the 583 failures since 2000. Regulators closed eight banks that day. Equity capital was below zero at its last report.
On the books, 2002 to 2010
Total assets peaked at $11.1 million in the third quarter of 2007 and were 15% lower at the final report. Equity capital had covered 8.6% of assets in the third quarter of 2002. It reported a net loss in six of its final nine reporting years. The deepest annual loss, $570 thousand, was booked in 2007.* 2010: January to June only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Imperial Savings and Loan Association in red.
By assets it ranked 156th of the 157 failures in 2010. Within Virginia it ranks 30th by size of the 41 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 Arcola Homestead Savings Bank of Arcola, Illinois ($17.0 million, loss 68% of assets); just below, Ideal Federal Savings Bank of Baltimore, Maryland ($6.2 million, loss 60% of assets). Every 2010 failure in the explorer.
The largest of the others was ShoreBank of Chicago, Illinois, at $2.2 billion.
Failures in Virginia
No other Virginia bank failed in 2010. The previous failure there was Greater Atlantic Bank of Reston, on December 4, 2009. The next was Virginia Business Bank of Richmond, on July 29, 2011. No other failed bank in the FDIC's records was based in Martinsville City.