Per the Kansas City Star, Douglas National Bank failed on Friday, January 25. Per the the article:
In the last two years, losses had reached $5.6 million, and more than 20 percent of the bank’s remaining loans were still considered problems as of the end of December.
(Link)
According to the official release from the FDIC:
On January 25, 2008, Douglass National Bank, Kansas City, MO was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The Star went on to note that subsequent to the closure, Douglass National Bank’s remaining assets of approximately $56 million were sold to Liberty Bank and Trust.
The failure of Douglass National Bank marks the end of approximately six decades of banking.
One Response to “Douglas National Bank”
I wonder how many more banks will go bust by the end of the year?
-John
http://www.patrioticactivist.com
By John on Feb 25, 2008