Closed Friday, September 7, 2001 · Gravette, Benton County, Arkansas
Sinclair National Bank
No bank in Arkansas had failed for eight years, since First Exchange Bank of Little Rock, National Association closed in 1992. In the three years to the first quarter of 2001, Sinclair National Bank's assets grew 126%. It was the second-largest of the 4 bank failures in 2001.
On the books, 1996 to 2001
Total assets peaked at $30.3 million. Equity capital went from 53% of assets in the fourth quarter of 1996 to 9.3% at the last report. It lost money in every one of the six reporting years on file before it closed. The deepest annual loss, $1.5 million, was booked in 2000.* 2001: January to June only, the last report before closing.
Size against the other 2001 failures
Total assets of each 2001 failure, log scale; Sinclair National Bank in red.
Within Arkansas it ranks 25th by size of the 43 failures recorded since 1934. Across the failures of 2001, the median estimated loss came to 11% of assets. In the size ranking of that year, just above it was Superior Bank, FSB of Hinsdale, Illinois ($1.8 billion, loss 16% of assets); just below, First Alliance Bank & Trust Co. of Manchester, New Hampshire ($17.4 million, loss 4.7% of assets). Every 2001 failure in the explorer.
Failures in Arkansas
The next was ANB Financial, NA of Bentonville, on May 9, 2008. Benton County has 2 failed banks on FDIC record since 1934. The other: ANB Financial, NA (2008).