Small Business Bank in Lenexa, Kansas, has become the fourth US bank to fail this year.
The institution, which opened in 1984 as Gardner Bank, was closed on Friday by the Kansas Office of the State Bank Commissioner. The Federal Deposit Insurance Corporation was named as receiver, and the agency entered into an agreement with The Farmers State Bank of Oakley, Kansas, to assume substantially all deposits, purchase certain assets, and take over the closed bank’s sole branch.
As of March 31, Small Business Bank reported total assets of $73 million and total deposits of approximately $69 million. Residential and commercial real estate loans were among the products and services offered by the bank.
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