Closed Friday, July 14, 2000 · Almelund, Chisago County, Minnesota
Town and Country Bank of Almelund
No bank in Minnesota had failed for seven years, since State Bank of Springfield closed in 1992. Equity capital was below zero at Town and Country Bank of Almelund's last report.
On the books, 1992 to 2000
Total assets peaked at $32.1 million in the fourth quarter of 1999 and were 19% lower at the final report. Equity capital had covered 6.8% of assets in the third quarter of 1992. The deepest annual loss, $2.9 million, was booked in 2000 in only part of the year.* 2000: January to June only, the last report before closing.
Size against the other 2000 failures
Total assets of each 2000 failure, log scale; Town and Country Bank of Almelund in red.
By assets it ranked sixth of the 7 failures in 2000. Within Minnesota it ranks 30th by size of the 70 failures recorded since 1934. Across the failures of 2000, the median estimated loss came to 5.3% of assets. In the size ranking of that year, just above it was Mutual Federal Savings Bank of Atlanta, Georgia ($31.5 million, loss 4.2% of assets); just below, Monument National Bank of Ridgecrest, California ($7.9 million, loss 7.8% of assets). Every 2000 failure in the explorer.
Failures in Minnesota
The next was First Integrity Bank, NA of Staples, on May 30, 2008. Chisago County has 2 failed banks on FDIC record since 1934. The other: The RiverBank (2011).