Failed Bank List

Closed Friday, October 7, 2011 · Wyoming, Chisago County, Minnesota

The RiverBank

The RiverBank's founding in 1908 put it past its 100th year when it closed. In the three years to the first quarter of 2009, its assets grew 469%. It reported a net loss in three of its final nine reporting years.

On the books, 2003 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M20042005200620072008200920102011Closed
Total assets peaked at $553 million and were 24% lower at the final report. Equity capital went from 14% of assets in the fourth quarter of 2003 to 1.1% at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $19.8 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$20M−$20M2003: $936 thousand200314%2004: $1.0 million200412%2005: $1.3 million200512%2006: $1.0 million200611%2007: $7.3 million20079.5%2008: $539 thousand20088.6%2009: −$19.8 million20096.1%2010: −$14.8 million20103.5%2011: −$10.4 million2011*1.1%
* 2011: January to September only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; The RiverBank in red.

By assets it ranked 20th of the 92 failures in 2011. Within Minnesota it ranks fifth by size of the 70 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 Community Central Bank of Mount Clemens, Michigan ($452 million, loss 22% of assets); just below, Peoples State Bank of Hamtramck, Michigan ($391 million, loss 26% of assets). Every 2011 failure in the explorer.

The only other bank closed that day was Sun Security Bank of Ellington, Missouri.

Failures in Minnesota

It was one of two banks in Minnesota to fail in 2011. The previous failure there was Rosemount National Bank of Rosemount, on April 15, 2011. The next was Patriot Bank Minnesota of Forest Lake, on January 27, 2012. Chisago County has 2 failed banks on FDIC record since 1934. The other: Town and Country Bank of Almelund (2000).

Bank failures in Minnesota per year, 1980 to 20260258101983: 11984: 41985: 61986: 51987: 101988: 71989: 21990: 41991: 11992: 12000: 12008: 12009: 62010: 82011: 22012: 42013: 12014: 119801990200020102020
Per year since 1980, 2011 in red. Every Minnesota failure

The acquiring bank

Central Bank of Stillwater, Minnesota took over six failed banks between 2000 and 2026. The others:

All 6 banks it took over.

  • Mainstreet BankForest Lake, MN · August 28, 2009
  • Jennings State BankSpring Grove, MN · October 2, 2009
  • Riverview Community BankOtsego, MN · October 23, 2009
  • Commerce Bank of Southwest FloridaFort Myers, FL · November 20, 2009
  • Rosemount National BankRosemount, MN · April 15, 2011

FDIC certificate 10216 · loss estimate as of July 31, 2026 · How to read this page