Closed Friday, October 13, 2017 · Argonia, Sumner County, Kansas
The Farmers and Merchants State Bank of Argonia
No bank in Kansas had failed for five years, since Heartland Bank closed in 2012. The Farmers and Merchants State Bank of Argonia's founding in 1901 put it past its 100th year when it closed. Equity capital was below zero at its last report.
On the books, 2009 to 2017
Total assets peaked at $37.7 million in the fourth quarter of 2015 and were 12% lower at the final report. Equity capital had covered 8.0% of assets in the fourth quarter of 2009. By then 12% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $2.7 million, was booked in 2017 in only part of the year.* 2017: January to September only, the last report before closing.
Size against the other 2017 failures
Total assets of each 2017 failure, log scale; The Farmers and Merchants State Bank of Argonia in red.
By assets it ranked eighth of the 8 failures in 2017. Within Kansas it ranks 47th by size of the 114 failures recorded since 1934. Across the failures of 2017, the median estimated loss came to 16% of assets. The next-larger failure of that year was Fayette County Bank of Saint Elmo, Illinois ($34.4 million, loss 24% of assets). Every 2017 failure in the explorer.
Failures in Kansas
The next was Almena State Bank of Almena, on October 23, 2020. Sumner County has 3 failed banks on FDIC record since 1934. The others: The Mayfield State Bank of Mayfield, Kansas (1987), First Federal Savings Bank of Kansas (1989).