Saturday, Jan 26, 2008
It begins.........
Four Winds: Small Bank Failure is First of 2008
Regulators closed the first bank of 2008 late Friday, shutting $58 million-asset Douglass National Bank in Kansas City, Mo. Douglass, which had a glut of bad loans and less than $1.5 million of Tier 1 capital, was also the first nationally chartered bank to fail since Guaranty National Bank of Tallahassee failed in March 2004 with $74 million in assets. The bank, a subsidiary of Douglass Bancorp Inc., announced plans in August to sell to $821 million-asset First Guaranty Bancshares Inc. in Hammond, La., but that deal collapsed in October. The prospective buyer claimed Douglass shareholders balked at the $2.5 million offering price.
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