Closed Friday, October 25, 2019 · Louisa, Lawrence County, Kentucky
Louisa Community Bank
No bank in Kentucky had failed for six years, since First Federal Bank closed in 2013. Louisa Community Bank was the third-largest of the 4 bank failures in 2019. It reported a net loss in five of its final nine reporting years.
On the books, 2011 to 2019
Total assets peaked at $38.5 million in the third quarter of 2017 and were 27% lower at the final report. Equity capital went from 14% of assets in the fourth quarter of 2011 to 3.9% at the last report. By then 12% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $1.5 million, was booked in 2019 in only part of the year.* 2019: January to September only, the last report before closing.
Size against the other 2019 failures
Total assets of each 2019 failure, log scale; Louisa Community Bank in red.
Within Kentucky it ranks eighth by size of the 40 failures recorded since 1934. Across the failures of 2019, the median estimated loss came to 11% of assets. In the size ranking of that year, just above it was The Enloe State Bank of Cooper, Texas ($36.7 million, loss 50% of assets); just below, Resolute Bank of Maumee, Ohio ($23.3 million, loss 6.7% of assets). Every 2019 failure in the explorer.
The only other bank closed that day was Resolute Bank of Maumee, Ohio.
Failures in Kentucky
No bank in Kentucky has failed since. No other failed bank in the FDIC's records was based in Lawrence County.