by Calculated Risk on 9/04/2009 06:08:00 PM

Sweet fruits of labor
A long weekend for resting
Also for failure
by Soylent Green is People
From the FDIC: Great American Bank, De Soto, Kansas, Assumes All of the Deposits of First Bank of Kansas City, Kansas City, Missouri

First Bank of Kansas City, Kansas City, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of First Bank of Kansas City.
...
As of June 30, 2009, First Bank of Kansas City had total assets of $16 million and total deposits of approximately $15 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6 million. ... First Bank of Kansas City is the 85th FDIC-insured institution to fail in the nation this year, and the second in Missouri. The last FDIC-insured institution closed in the state was American Sterling Bank, Sugar Creek, on April 17, 2009.

A small one to start the day.