The FIS rating on Almena State Bank was 4.63 at 6/30/2020, placing it in the lowest percentile.
On 10/23/2020, the Kansas Office of the State Bank Commissioner closed Almena State Bank, Almena, KS, and named FDIC as receiver. Equity Bank of Andover, KS (Cert #25858) assumed all the deposits. Equity Bank also purchased essentially all the failed bank’s assets.
It is worth noting the FDIC mentioned that the failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties unrelated to the current economic conditions resulting from the pandemic
At 6/30/2020, Almena State Bank had $70M in assets and $68.7M in deposits, including brokered deposits of $18.7M. In its 6/30/2020 call report, the regulatory capital ratios were: Leverage—1.37%; Tier 1 RBC—1.57%; and Total RBC—2.89%. Almena State Bank had $1.013M in tangible equity capital at 6/30/2020.
The bank had adjusted nonperforming assets equal to 20.76% of total assets at 6/30/2020. Nonperforming loans were $13.9M. Loans 30-89 days delinquent and still accruing totaled $279K. Real estate owned totaled $633K (comprised mainly of Farmland of $588K).
The FDIC estimates that the costs to the Deposit Insurance Fund (DIF) will be $18.3M.
Almena State Bank was owned by Almena Investments, LLC (FR #5188060), a non-public insolvent bank holding company (PCO Filer).