Closed Friday, July 24, 2009 · Williamsville, Erie County, New York
Waterford Village Bank
No bank in New York had failed for five years, since Reliance Bank closed in 2004. Waterford Village Bank failed two years after it opened in 2007. Equity capital was below zero at its last report.
On the books, 2007 to 2009
Total assets peaked at $63.8 million in the second quarter of 2008 and were 13% lower at the final report. Equity capital had covered 69% of assets in the first quarter of 2007. It lost money in every one of the three reporting years on file before it closed. The deepest annual loss, $5.2 million, was booked in 2008.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Waterford Village Bank in red.
By assets it ranked 129th of the 140 failures in 2009. Within New York it ranks 40th by size of the 73 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Partners Bank of Naples, Florida ($65.5 million, loss 49% of assets); just below, The Elizabeth State Bank of Elizabeth, Illinois ($55.0 million, loss 18% of assets). Every 2009 failure in the explorer.
Regulators closed seven banks that day. The largest of the others was Security Bank of Bibb County of Macon, Georgia, at $944 million.
Failures in New York
The next was LibertyPointe Bank of New York, on March 11, 2010. Erie County has 3 failed banks on FDIC record since 1934. The others: Empire of America FSB (1990), Goldome (1991).