Equity Bank of Andover assumes deposits of failed Almena Bank

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ALMENA, Kan. (KSNW) – The FDIC said Almena State Bank was closed Friday by the Kansas Office of the State Bank Commissioner. 

The failed bank experienced longstanding capital loss, losing $70 million in total assets and $68.7 million in total deposits as of June 2020. In addition to assuming all of the promises, Equity Bank agreed to purchase all of the failed bank’s assets essentially, says the FDIC.

To protect depositors, the FDIC entered into a purchase and assumption agreement with Equity Bank of Andover to assume all of the deposits of Almena State Bank. 

Depositors of Almena State Bank will automatically become depositors of Equity Bank. FDIC will continue to insure all deposits, so customers do not need to change their banking relationship to retain their deposit insurance coverage. 

The two branches of Almena State Bank will reopen as Equity Bank branches on Monday, October 26. 

Depositors of Almena State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.3 million.

Customers with questions about the transaction should call the FDIC toll-free at 1-800-517-1843. The phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m., CT; on Sunday from noon to 6:00 p.m., CT; on Monday from 8:00 a.m. to 8:00 p.m., CT; and after that from 9:00 a.m. to 5:00 p.m., CT. Interested parties also can visit the FDIC’s website.

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