The Farmers and Merchants State Bank of Argonia, Argonia, Kansas, was closed by the Office of the State Bank Commissioner of Kansas. According to the Federal Deposit Insurance Corporation (FDIC), that is the 7th closure of a US financial institution so far this year.
The FDIC entered into a purchase and assumption agreement with Conway Bank in the same state. Thus, depositors of the closed bank will automatically become depositors of Conway Bank.
As of late June, 2017, The Farmers and Merchants State Bank of Argonia had about $34.2 million in total assets and $29.6 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.6 million.
In 2016, the number of bankruptcy filings by US financial firms was five, the lowest since 2007. Meanwhile, eight banks filed for bankruptcy in 2015. In 2007, only three banks were shut down, while in 2010 regulators closed 157 failed banks.
