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

Five banks were shut down by federal regulators on Friday. Those five failed banks were located in four states — Illinois, Arizona, Iowa and Missouri. So far in 2009, the number of failed banks stands at 89.
Illinois was home to two of the failed banks — InBank, based in Oak Forest and Platinum Community Bank, based in Rolling Meadows. Arizona’s failed bank was First State Bank, based in Flagstaff. Vantus Bank, based in Sioux City, was the Iowa failed bank, while First Bank of Kansas City was Missouri’s failed bank.
Those with accounts in InBank will see their accounts assumed by …read more