This evening, the Missouri Division of Finance closed First Bank of Kansas City headquartered in Kansas City, Missouri, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of the failed bank.

As of June 30, 2009, First Bank of Kansas City had total deposits of approximately $15 million and total assets of $16 million. In addition to assuming all the deposits, Great American Bank agreed to purchase all of the assets of the failed bank. The FDIC estimates that the cost to the Deposit Insurance Fund will be $6 million.

First Bank of Kansas City is the 85th bank to fail nationwide and the 2nd bank failure in Missouri this year.