Safety and Soundness: Failed Bank Review of First National Bank of Olathe, Olathe, Kansas.

摘要

This memorandum presents the results of our review of the failure of First National Bank of Olathe (FNB Olathe). FNB Olathe opened in June 1887. At the time of failure, it operated one main office and five branches in Olathe, Kansas, and a loan production office in Scottsdale, Arizona. The bank was a subsidiary of First Olathe Bancshares, Inc., located in Mission Hills, Kansas. The Office of the Comptroller of the Currency (OCC) closed FNB Olathe and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on August 12, 2011. As of June 30, 2011, the bank had approximately $538.1 million in assets and $524.3 million in deposits. As of October 31, 2011, FDIC estimated the loss to the Deposit Insurance Fund to be $118.6 million.