Closed Friday, January 28, 2011 · Camargo, Dewey County, Oklahoma
The First State Bank
The estimated loss came to 75% of The First State Bank's assets, one of the 30 highest ratios among the 583 failures since 2000. Its founding in 1911 put it past its 100th year when it closed. It was one of two banks in Oklahoma to fail in 2011.
On the books, 2003 to 2010
Total assets were at their highest of these 32 quarters in the final report, for the fourth quarter of 2010. Equity capital went from 8.8% of assets in the first quarter of 2003 to 7.3% at the last report. Every reporting year on this chart closed with a net profit.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; The First State Bank in red.
By assets it ranked 89th of the 92 failures in 2011. Within Oklahoma it ranks 58th by size of the 171 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was Public Savings Bank of Huntingdon Valley, Pennsylvania ($46.8 million, loss 34% of assets); just below, Southshore Community Bank of Apollo Beach, Florida ($41.3 million, loss 28% of assets). Every 2011 failure in the explorer.
Three other banks closed that day; the largest was First Community Bank of Taos, New Mexico, at $2.2 billion.
Failures in Oklahoma
The previous failure there was Home National Bank of Blackwell, on July 9, 2010. The next was First National Bank of Davis of Davis, on March 11, 2011. Dewey County has 2 failed banks on FDIC record since 1934. The other: Community Bank (1987).