Closed Friday, April 29, 2016 · Memphis, Shelby County, Tennessee
Trust Company Bank
The estimated loss came to 55% of Trust Company Bank's assets, one of the 30 highest ratios among the 583 failures since 2000. Its assets grew 201% in the three years to the fourth quarter of 2011, then shrank 48% before it closed. Its founding in 1902 put it past its 100th year when it closed.
On the books, 2008 to 2016
Total assets peaked at $36.5 million. Equity capital went from 36% of assets in the second quarter of 2008 to below zero at the last report. By then 13% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the nine reporting years on file before it closed. The deepest annual loss, $2.7 million, was booked in 2012.* 2016: January to March only, the last report before closing.
Size against the other 2016 failures
Total assets of each 2016 failure, log scale; Trust Company Bank in red.
By assets it ranked fifth of the 5 failures in 2016. Within Tennessee it ranks 43rd by size of the 70 failures recorded since 1934. Across the failures of 2016, the median estimated loss came to 15% of assets. The next-larger failure of that year was The Woodbury Banking Company of Woodbury, Georgia ($21.4 million, loss 15% of assets). Every 2016 failure in the explorer.
Failures in Tennessee
The previous failure there was Community South Bank of Parsons, on August 23, 2013. No bank in Tennessee has failed since. Shelby County has 3 failed banks on FDIC record since 1934. The others: Germantown Trust Savings Bank (1989), Home Federal Savings and Loan Association (1989).