August 12, 2011 / 11:15 PM / 7 years ago

Regulators close 64th U.S. bank this year

WASHINGTON (Reuters) - Regulators closed the 64th bank in the U.S. so far this year on Friday, shutting down First National Bank of Olathe, located in Olathe, Kansas.

An anemic economic recovery continues to pressure the nation’s banking system, especially smaller community banks.

First National had about $538 million in assets and $524 million in total deposits. It was the first bank closed in Kansas this year.

The Federal Deposit Insurance Corp (FDIC) said First National’s six branches will reopen on Saturday as part of Enterprise Bank & Trust, Clayton, Missouri.

The pace of closures appears to be slowing this year after 157 were shut down in 2010 and 140 failed in 2009. The FDIC expects the year-end tally to be below last year’s total.

Reporting by Glenn Somerville, editing by Carol Bishopric

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