The Kansas Office of the State Bank Commissioner officially closed the Small Business Bank in Lenexa, Kansas.
© Shutterstock
Subsequently, the Federal Deposit Insurance Corporation (FDIC), appointed as receiver, entered into an agreement with The Farmers State Bank of Oakley, Kansas, to assume substantially all deposits and purchase certain assets of Small Business Bank.
According to the Kansas Office of the State Bank Commissioner, the Small Business Bank has operated with financial difficulties for the past several years and has been subject to strict supervisory oversight. Ongoing operating losses resulted in the bank’s capital becoming critically under-capitalized.
The Small Business Bank had about $73 million in total assets and $69 million in total deposits as of March 31…