Closed Friday, June 20, 2014 · Moline, Rock Island County, Illinois
Valley Bank
Valley Bank's founding in 1911 put it past its 100th year when it closed. It was the second-largest of the 18 bank failures in 2014. It reported a net loss in five of its final nine reporting years.
On the books, 2006 to 2014
Total assets peaked at $703 million in the fourth quarter of 2008 and were 35% lower at the final report. Equity capital went from 7.0% of assets in the second quarter of 2006 to 0.7% at the last report. By then 17% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $26.9 million, was booked in 2011.* 2014: January to March only, the last report before closing.
Size against the other 2014 failures
Total assets of each 2014 failure, log scale; Valley Bank in red.
Within Illinois it ranks 26th by size of the 185 failures recorded since 1934. Across the failures of 2014, the median estimated loss came to 13% of assets. In the size ranking of that year, just above it was The National Republic Bank of Chicago of Chicago, Illinois ($843 million, loss 6.5% of assets); just below, The Bank of Union of El Reno, Oklahoma ($317 million, loss 29% of assets). Every 2014 failure in the explorer.
The only other bank closed that day was Valley Bank of Fort Lauderdale, Florida.
Failures in Illinois
It was one of five banks in Illinois to fail in 2014. The previous failure there was AztecAmerica Bank of Berwyn, on May 16, 2014. The next was GreenChoice Bank, fsb of Chicago, on July 25, 2014. Rock Island County has 4 failed banks on FDIC record since 1934. The others: Black Hawk Federal Savings and Loan Association (1989), Community Savings Bank (1990), Bank Usa Savings Association (1990).