Closed Friday, May 21, 2010 · Saint Paul, Ramsey County, Minnesota
Pinehurst Bank
In the three years to the first quarter of 2009, Pinehurst Bank's assets grew 106%. Equity capital was below zero at its last report. In 2010 regulators closed 8 banks in Minnesota; this was the sixth.
On the books, 2004 to 2010
Total assets peaked at $66.4 million and were 8% lower at the final report. Equity capital had covered 64% of assets in the second quarter of 2004. By then 10% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the seven reporting years on file before it closed. The deepest annual loss, $5.2 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; Pinehurst Bank in red.
By assets it ranked 138th of the 157 failures in 2010. Within Minnesota it ranks 15th by size of the 70 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 Bayside Savings Bank of Port Saint Joe, Florida ($64.3 million, loss 19% of assets); just below, First National Bank of Rosedale, Mississippi ($60.4 million, loss 30% of assets). Every 2010 failure in the explorer.
Failures in Minnesota
The previous failure there was Access Bank of Champlin, on May 7, 2010. The next was Community Security Bank of New Prague, on July 23, 2010. Ramsey County has 2 failed banks on FDIC record since 1934. The other: Guaranty State Bank of Saint Paul (1984).