Home Banking Regulators shut Kansas financial institution in fourth failure of 2020

Regulators shut Kansas financial institution in fourth failure of 2020

65
0

Almena State Financial institution in Kansas was closed by state regulators late Friday, the fourth failure of the yr and the second in as many weeks.

The $70 million-asset financial institution had “skilled longstanding capital and asset high quality points, working with monetary difficulties unrelated to the present financial situations ensuing from the pandemic,” the Federal Deposit Insurance coverage Corp. mentioned in a press launch.

The FDIC mentioned the $4.2 billion-asset Fairness Financial institution in Andover, Kan., will purchase the failed financial institution’s operations, together with two branches and roughly all of its belongings. The customer additionally agreed to imagine all of Almena’s $68.7 million of deposits.

The failure is estimated to price the Deposit Insurance coverage Fund $18.3 million.

First Metropolis Financial institution of Florida in Fort Walton Seaside was closed by state regulators final Friday.

Almena had misplaced greater than $9.3 million since 2018 and had not turned an annual revenue since 2017, in line with FDIC information. It’s the first establishment to be shuttered within the Kansas since Farmers and Retailers State Financial institution of Argonia in October 2017.

LEAVE A REPLY

Please enter your comment!
Please enter your name here