An Iowa bank failed because of bad farm loans.

State banking officials ordered the closing of the Early Savings Bank in Early, Iowa, the state’s 10th bank to be shut down this year. Authorities said the bank, with total deposits of $11.5 million, was a victim of the state’s depressed agricultural economy. The bank’s farm loan losses this year are estimated at more than $1.2 million. “It was the bad ag (agriculture) economy--the same old story,” Deputy Banking Superintendent Howard Hall said. About 100 banks across the United States have failed so far this year, compared to 79 for all of 1984.