Closed Friday, March 12, 2010 · Covington, St. Tammany Parish, Louisiana
Statewide Bank
No bank in Louisiana had failed for seven years, since Farmers Bank & Trust of Cheneyville closed in 2002. In the three years to the third quarter of 2007, Statewide Bank's assets grew 223%. It reported a net loss in six of its final eight reporting years.
On the books, 2002 to 2009
Total assets peaked at $294 million and were 17% lower at the final report. Equity capital went from 13% of assets in the first quarter of 2002 to 5.6% at the last report. By then 10% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $9.5 million, was booked in 2009.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Statewide Bank in red.
By assets it ranked 82nd of the 157 failures in 2010. Within Louisiana it ranks 19th by size of the 142 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 Chestatee State Bank of Dawsonville, Georgia ($244 million, loss 34% of assets); just below, The Bank of Bonifay of Bonifay, Florida ($243 million, loss 27% of assets). Every 2010 failure in the explorer.
Two other banks closed that day; the largest was The Park Avenue Bank of New York, New York, at $520 million.
Failures in Louisiana
The next was Central Progressive Bank of Lacombe, on November 18, 2011. St. Tammany Parish has 9 failed banks on FDIC record since 1934. Closest in time: First National Bank (1988), Fontainebleau Federal Savings Bank (1989), St. Tammany National Bank (1989), South Savings and Loan Association (1989), Central Progressive Bank (2011).