Closed Friday, February 13, 2009 · Beaverton, Washington County, Oregon
Pinnacle Bank
No bank in Oregon had failed for 17 years, since Far West Federal Bank, S. B. closed in 1991. In the three years to the third quarter of 2006, Pinnacle Bank's assets grew 525%. It reported a net loss in five of its final seven reporting years.
On the books, 2002 to 2008
Total assets peaked at $97.8 million and were 26% lower at the final report. Equity capital went from 81% of assets in the third quarter of 2002 to 8.3% 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, $3.0 million, was booked in 2008.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Pinnacle Bank in red.
By assets it ranked 124th of the 140 failures in 2009. Within Oregon it ranks 12th by size of the 31 failures recorded since 1934. 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 Brickwell Community Bank of Woodbury, Minnesota ($72.6 million, loss 34% of assets); just below, Commerce Bank of Southwest Florida of Fort Myers, Florida ($71.0 million, loss 45% of assets). Every 2009 failure in the explorer.
Three other banks closed that day; the largest was Riverside Bank of the Gulf Coast of Cape Coral, Florida, at $524 million.
Failures in Oregon
It was one of three banks in Oregon to fail in 2009. The next was Silver Falls Bank of Silverton, on February 20, 2009. No other failed bank in the FDIC's records was based in Washington County.