In an all-too-common move, the Missouri Division of Finance has decided to close the First Bank of Kansas City on Friday, appointing the Federal Deposit Insurance Corporation as its receiver. The FDIC has entered into an agreement with Kansas’s Great American Bank that will allow the bank to assume the deposits and buy the assets of First Bank, which will then reopen as a Great American Bank Branch.
 
As of June 30, the First Bank of Kansas City was responsible for $16 million in assets and $15 million in deposits in its only branch. The FDIC will continue insuring the deposits …read more

Two lenders in Florida and one in Oregon have gone under in what has become a gruesome trend for the financial world. The collapses of these three banks mark have propelled the number of bank closures due to the recession to 72, highlighting the devastating impact of the economic crisis.
 
Community National Bank and First State Bank, both of which were based in Sarasota, Florida, and Community First Bank, based in Prineville, Oregon, were shut down by federal regulators in a move that will cost the FDIC $185 million. All in all, the banks were in charge of $769 million worth …read more