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News Release 2008-7 | January 25, 2008

OCC Closes Douglass National Bank and Appoints FDIC Receiver

WASHINGTON — Douglass National Bank, Kansas City, Missouri, was closed today by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. Douglass National Bank’s primary market was Kansas City, Kansas. The bank, with approximately $53 million in assets, was established in 1983 and was chartered as a national bank in 1997.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank had incurred and is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance. The bank’s unsafe and unsound practices also weakened the bank’s condition and seriously prejudiced the interests of the bank’s depositors and the deposit insurance fund.

The FDIC will release information about the resolution of the bank.

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