On Friday, April 3, 2020, The First State Bank was closed by the West Virginia Division of Financial Institutions. This marks the second bank failure for this year.
"The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. The bank's December 31, 2019 financial reports indicated capital levels were too low to allow continued operations under federal and state law." (Source: FDIC)
Since 2012, this bank has been rated as1 or 2, the two worst rating categories. From Decembber 2018, this bank has been consistently rated as 1. For banks rated with rating 1, we recommend depositors to move away from these banks as soon as possible".
Click here to see details of the bank's analysis.