Closed Friday, April 16, 2010 · Oakland, Alameda County, California
Innovative Bank
Regulators closed eight banks that day. In the three years to the second quarter of 2008, Innovative Bank's assets grew 117%. In 2010 regulators closed 12 banks in California; this was the fourth.
On the books, 2002 to 2010
Total assets peaked at $290 million and were 8% lower at the final report. Equity capital went from 13% of assets in the second quarter of 2002 to 5.2% at the last report. By then 18% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $14.5 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Innovative Bank in red.
By assets it ranked 73rd of the 157 failures in 2010. Within California it ranks 74th by size of the 239 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 North County Bank of Arlington, Washington ($289 million, loss 25% of assets); just below, Ravenswood Bank of Chicago, Illinois ($265 million, loss 26% of assets). Every 2010 failure in the explorer.
The previous failure there was La Jolla Bank, FSB of La Jolla, on February 19, 2010. The next was 1st Pacific Bank of California of San Diego, on May 7, 2010. Alameda County has 5 failed banks on FDIC record since 1934. The others: First State Bank of Northern California (1976), First Enterprise Bank (1985), City Federal Savings and Loan Association (1989), Amador Valley Savings and Loan Association (1993).