First Bank of Kansas City Closes

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