Closed Friday, August 28, 2009 · Forest Lake, Washington County, Minnesota
Mainstreet Bank
Mainstreet Bank's founding in 1903 put it past its 100th year when it closed. Of the 70 failed banks on record in Minnesota since 1934, it ranks third by size. Equity capital was below zero at its last report.
On the books, 2001 to 2009
Total assets peaked at $506 million in the first quarter of 2009 and were 9% lower at the final report. Equity capital had covered 7.2% of assets in the third quarter of 2001. By then 17% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $23.9 million, was booked in 2009 in only part of the year.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Mainstreet Bank in red.
By assets it ranked 50th of the 140 failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Mirae Bank of Los Angeles, California ($481 million, loss 9.4% of assets); just below, Bradford Bank of Baltimore, Maryland ($452 million, loss 10% of assets). Every 2009 failure in the explorer.
Two other banks closed that day; the largest was Affinity Bank of Ventura, California, at $1.2 billion.
Failures in Minnesota
It was one of six banks in Minnesota to fail in 2009. The previous failure there was Horizon Bank of Pine City, on June 26, 2009. The next was Brickwell Community Bank of Woodbury, on September 11, 2009. Washington County has 5 failed banks on FDIC record since 1934. The others: Oak Park Bank (1988), Brickwell Community Bank (2009), Prosperan Bank (2009), Patriot Bank Minnesota (2012).