FDIC closes down seventh bank of 2017 in the state of Kansas
On Oct. 13, the FDIC closed down their seventh bank of 2017 as¬†The Farmers and Merchants State Bank of Argonia shuttered its doors. ¬†This institution is the first bank failure for the month of October, and it is also the first bank closure in the last five months.
10/13/2017 *** Kansas *** Argonia *** The Farmers and Merchants State¬†Bank of Argonia *** $2.6 million dollar estimated¬†FDIC¬†DIF cost.
The total DIF for failed banks this week is $2.6 million.
If you were banking at The Farmers and Merchants State¬†Bank of Argonia in Argonia, KS, you are now banking at¬†Conway Bank based out of Conway Springs, KS.
For more on the FDIC bank closure lists you can go to the FDIC¬†website¬†and search through their report of failed banks, credit unions, and Trusts.
In 2016, there were a total of 5 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.
Entering 2017, there are around 425 banks and other financial organizations on the¬†troubled list¬†due to mortgages, derivatives, and bad investments.
At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2017 could reach 9.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.