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Failed Kansas bank purchased

The FDIC has announced that the Kansas Office of the State Bank Commissioner has closed Almena State Bank, Almena, Kansas, and appointed the FDIC as receiver. The bank had experienced longstanding capital and asset quality issues.

The FDIC entered into a purchase and assumption agreement with Equity Bank, Andover, Kansas, to assume all the deposits of the failed bank. As of June 30, 2020, Almena State Bank had about $70 million in assets and $68.7 million in total deposits.

The FDIC estimated that the cost to the Deposit Insurance Fund will be $18.3 million. This was the fourth failure of an FDIC-insured bank this year, and the second this month.

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