The First National Bank of Olathe, Olathe, Kansas, USA
On Friday, 12 August, 2011, The First National Bank of Olathe, Olathe, KS was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Missouri, to assume all of the deposits of First National Bank of Olathe.
The six branches of First National Bank of Olathe reopened on Saturday as branches of Enterprise Bank & Trust. Depositors of First National Bank of Olathe will automatically become depositors of Enterprise Bank & Trust.
As of June 30, 2011, First National Bank of Olathe had approximately USD538.1 million in total assets and USD524.3 million in total deposits.
Enterprise Bank & Trust will pay the FDIC a premium of 1.5 percent to assume all of the deposits of First National Bank of Olathe.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD116.6 million.
First National Bank of Olathe is the 64th FDIC-insured institution to fail in the nation this year, and the first in Kansas.
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