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Kansas regulators close Almena State Bank in year's 4th bank failure

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Dive Insight:

Almena's closure marks the second bank failure in a week. Florida regulators closed Fort Walton Beach-based First City Bank the previous Friday. State regulators have shuttered two other banks in 2020: West Virginia's First State Bank in April and Nebraska's Ericson State Bank in February.

The FDIC blamed Almena's closure on "longstanding capital and asset quality issues" unrelated to the coronavirus pandemic. The bank had lost more than $9.3 million since 2018 and had not turned an annual profit since 2017, American Banker reported.

Almena State Bank's locations in Almena and Norton, Kansas, were set to open Monday under the Equity Bank banner. Equity CEO Brad Elliott told the Wichita Business Journal the Almena purchase was strategically sound, allowing the $4.2 billion-asset bank to expand its footprint in the north of the state. Equity has a presence in Kansas, Missouri, Oklahoma and Arkansas.

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Banking Dive news delivered to your inbox

Get the free daily newsletter read by industry experts

Company Announcements

Old National puts CFO on leave after child molestation charges

The Evansville, Indiana-based bank named its chief strategy officer as interim CFO on Monday after Brendon Falconer was arrested last week.

Republic First is seized, assets sold to Fulton Bank

The first bank failure of 2024 punctuates the discord that has brewed at Republic First for more than two years. Fulton, meanwhile, will double its Philadelphia presence through the deal.

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