One Bank Closed Aug. 12

64 Banks and 16 CUs Have Failed in 2011
One Bank Closed Aug. 12
One bank was closed by state and federal banking regulators on Friday, Aug. 12. This failure brings the year's tally to 80 failed institutions.

The latest failure:

First National Bank of Olathe, Olathe, Kan.

First National Bank of Olathe, Olathe, Kan., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Mo., to assume all of the deposits of First National Bank of Olathe.

As of June 30, First National Bank of Olathe had approximately $538.1 million in total assets and $524.3 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $116.6 million.

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