Closed Friday, January 24, 2014 · El Reno, Canadian County, Oklahoma
The Bank of Union
The Bank of Union's founding in 1900 put it past its 100th year when it closed. It was the third-largest of the 18 bank failures in 2014. It reported a net loss in three of its final eight reporting years.
On the books, 2006 to 2013
Total assets peaked at $414 million in the second quarter of 2012 and were 23% lower at the final report. Equity capital went from 11% of assets in the first quarter of 2006 to 0.4% at the last report. By then 55% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $38.3 million, was booked in 2012.
Size against the other 2014 failures
Total assets of each 2014 failure, log scale; The Bank of Union in red.
Within Oklahoma it ranks 12th by size of the 171 failures recorded since 1934. Across the failures of 2014, the median estimated loss came to 13% of assets. In the size ranking of that year, just above it was Valley Bank of Moline, Illinois ($456 million, loss 10% of assets); just below, Eastside Commercial Bank of Conyers, Georgia ($174 million, loss 22% of assets). Every 2014 failure in the explorer.
Failures in Oklahoma
It was one of two banks in Oklahoma to fail in 2014. The previous failure there was First Capital Bank of Kingfisher, on June 8, 2012. The next was The Freedom State Bank of Freedom, on June 27, 2014. Canadian County has 7 failed banks on FDIC record since 1934. Closest in time: Investors Federal Bank, FSB (1987), The First National Bank of Yukon (1987), Mustang National Bank (1987), Mustang Community Bank (1988), Rolling Hills State Bank (1989).