Closed Thursday, October 4, 2007 · Lakeview, Logan County, Ohio
Miami Valley Bank
No bank in Ohio had failed for five years, since Oakwood Deposit Bank Co. closed in 2002. Miami Valley Bank's founding in 1903 put it past its 100th year when it closed. It was the second-largest of the 3 bank failures in 2007.
On the books, 1999 to 2007
Total assets peaked at $170 million in the fourth quarter of 2006 and were 26% lower at the final report. Equity capital went from 12% of assets in the third quarter of 1999 to 4.3% at the last report. By then 13% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $11.2 million, was booked in 2007 in only part of the year.* 2007: January to June only, the last report before closing.
Size against the other 2007 failures
Total assets of each 2007 failure, log scale; Miami Valley Bank in red.
Within Ohio it ranks 12th by size of the 38 failures recorded since 1934. Across the failures of 2007, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was NetBank of Alpharetta, Georgia ($2.5 billion, loss 4.8% of assets); just below, Metropolitan Savings Bank of Pittsburgh, Pennsylvania ($15.8 million, loss 60% of assets). Every 2007 failure in the explorer.
Failures in Ohio
The next was Peoples Community Bank of West Chester, on July 31, 2009. No other failed bank in the FDIC's records was based in Logan County.