Closed Friday, November 18, 2011 · Johnston, Polk County, Iowa
Polk County Bank
Polk County Bank's founding in 1903 put it past its 100th year when it closed. Its assets had shrunk 48% from their peak in the first quarter of 2008 by the last report before closing. No other Iowa bank failed in 2011.
On the books, 2003 to 2011
Total assets peaked at $174 million. Equity capital went from 7.6% of assets in the fourth quarter of 2003 to 1.6% at the last report. It reported a net loss in five of its final nine reporting years. The deepest annual loss, $6.8 million, was booked in 2009.* 2011: January to September only, the last report before closing.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; Polk County Bank in red.
By assets it ranked 79th of the 92 failures in 2011. Within Iowa it ranks tenth by size of the 67 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was First Commercial Bank of Tampa Bay of Tampa, Florida ($98.6 million, loss 34% of assets); just below, First National Bank of Davis of Davis, Oklahoma ($90.2 million, loss 33% of assets). Every 2011 failure in the explorer.
The only other bank closed that day was Central Progressive Bank of Lacombe, Louisiana.
Failures in Iowa
The previous failure there was Vantus Bank of Sioux City, on September 4, 2009. The next was Citizens Bank of Sac City, on November 3, 2023. Polk County has 3 failed banks on FDIC record since 1934. The others: American Federal Savings and Loan Association of Iowa (1990), United Federal Savings Bank of Iowa (1991).