Closed Friday, April 3, 2020 · Barboursville, Cabell County, West Virginia
The First State Bank
No bank in West Virginia had failed for eleven years, since Ameribank closed in 2008. The First State Bank was the largest of the 4 bank failures in 2020. Its founding in 1905 put it past its 100th year when it closed.
On the books, 2012 to 2020
Total assets peaked at $314 million in the fourth quarter of 2012 and were 52% lower at the final report. Equity capital went from 7.8% of assets in the second quarter of 2012 to 0.6% at the last report. By then 27% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $7.2 million, was booked in 2018.* 2020: January to March only, the last report before closing.
Size against the other 2020 failures
Total assets of each 2020 failure, log scale; The First State Bank in red.
Of the 15 failed banks on record in West Virginia since 1934, it ranks second by size. Across the failures of 2020, the median estimated loss came to 24% of assets. The next-largest failure of that year was First City Bank of Florida of Fort Walton Beach, Florida ($137 million, loss 5.3% of assets). Every 2020 failure in the explorer.
Failures in West Virginia
No bank in West Virginia has failed since. Cabell County has 2 failed banks on FDIC record since 1934. The other: The Metro Bank of Huntington, Inc. (1980).