The Office of the Comptroller of the Currency (OCC) has closed Olathe, Kan.-based First National Bank of Olathe in the sole bank failure last week. The Federal Deposit Insurance Corp. (FDIC), acting as reciver, entered into a purchase-and-assumption agreement with Clayton, Mo.-based Enterprise Bank & Trust to assume all of the deposits and essentially all of the assets of First National Bank of Olathe.
At the end of the second quarter, First National Bank of Olathe had approximately $538.1 million in total assets and $524.3 million in total deposits. Enterprise Bank & Trust and the FDIC entered into a loss-share transaction on $419.6 million of the assets.
The closing is Kansas' first this year, and the 64th bank failure nationally. The FDIC estimates the cost of First National Bank of Olathe's closing to the Deposit Insurance Fund to be approximately $116.6 million.
