Closed Friday, January 30, 2009 · Crofton, Anne Arundel County, Maryland
Suburban Federal Savings Bank
No bank in Maryland had failed for 16 years, since Second National Federal Savings Bank closed in 1992. Equity capital was below zero at Suburban Federal Savings Bank's last report. It was one of two banks in Maryland to fail in 2009.
On the books, 2001 to 2008
Total assets peaked at $424 million in the second quarter of 2007 and were 18% lower at the final report. Equity capital had covered 7.7% of assets in the first quarter of 2001. By then 11% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $32.9 million, was booked in 2008.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Suburban Federal Savings Bank in red.
By assets it ranked 60th of the 140 failures in 2009. Within Maryland it ranks ninth by size of the 32 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 Security Bank of Houston County of Perry, Georgia ($372 million, loss 14% of assets); just below, Westsound Bank of Bremerton, Washington ($335 million, loss 24% of assets). Every 2009 failure in the explorer.
Two other banks closed that day; the largest was MagnetBank of Salt Lake City, Utah, at $301 million.
Failures in Maryland
The next was Bradford Bank of Baltimore, on August 28, 2009. Anne Arundel County has 3 failed banks on FDIC record since 1934. The others: Gibraltar Federal Savings Bank, FSB (1989), First Annapolis Savings Bank, FSB (1990).