Failed Bank List

Closed Friday, March 5, 2010 · Germantown, Montgomery County, Maryland

Waterfield Bank

No bank took over Waterfield Bank's deposits: the FDIC paid insured depositors directly. Its assets grew 262% in the three years to the fourth quarter of 2008, then shrank 46% before it closed. Equity capital was below zero at its last report.

On the books, 2002 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$80M$160M$240M$320M2003200420052006200720082009Closed
Total assets peaked at $287 million. Equity capital had covered 47% of assets in the first quarter of 2002. It lost money in every one of the eight reporting years on file before it closed. The deepest annual loss, $18.5 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−$20M2002: −$1.1 million200227%2003: −$918 thousand200323%2004: −$642 thousand200417%2005: −$2.7 million200516%2006: −$4.3 million20066.4%2007: −$6.6 million20071.4%2008: −$5.7 million20080.3%2009: −$18.5 million2009neg.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; Waterfield Bank in red.

By assets it ranked 103rd of the 157 failures in 2010. Within Maryland it ranks 14th by size of the 32 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Independent National Bank of Ocala, Florida ($156 million, loss 7.7% of assets); just below, Haven Trust Bank Florida of Ponte Vedra Beach, Florida ($149 million, loss 23% of assets). Every 2010 failure in the explorer.

Three other banks closed that day; the largest was Sun American Bank of Boca Raton, Florida, at $536 million.

Failures in Maryland

It was one of four banks in Maryland to fail in 2010. The previous failure there was Bradford Bank of Baltimore, on August 28, 2009. The next was Bay National Bank of Baltimore, on July 9, 2010. Montgomery County has 5 failed banks on FDIC record since 1934. The others: Republic Federal Savings Bank (1991), Potomac Savings Bank FSB (1992), Standard Federal Savings Bank (1992), HarVest Bank of Maryland (2012).

Bank failures in Maryland per year, 1980 to 2026023461987: 11989: 31990: 31991: 51992: 52009: 22010: 42012: 22014: 219801990200020102020
Per year since 1980, 2010 in red. Every Maryland failure

FDIC certificate 34976 · loss estimate as of July 31, 2026 · How to read this page