Closed Friday, August 12, 2011 · Olathe, Johnson County, Kansas
The First National Bank of Olathe
The First National Bank of Olathe's founding in 1887 put it past its 100th year when it closed. Its assets had shrunk 50% from their peak in the fourth quarter of 2008 by the last report before closing. No other Kansas bank failed in 2011.
On the books, 2003 to 2011
Total assets peaked at $1.1 billion. Equity capital went from 8.6% of assets in the third quarter of 2003 to 1.3% at the last report. By then 27% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $54.0 million, was booked in 2009.* 2011: January to June only, the last report before closing.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; The First National Bank of Olathe in red.
By assets it ranked 18th of the 92 failures in 2011. Within Kansas it ranks eighth by size of the 114 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was Bank of Whitman of Colfax, Washington ($549 million, loss 18% of assets); just below, Community Central Bank of Mount Clemens, Michigan ($452 million, loss 22% of assets). Every 2011 failure in the explorer.
Failures in Kansas
The previous failure there was Hillcrest Bank of Overland Park, on October 22, 2010. The next was Heartland Bank of Leawood, on July 20, 2012. Johnson County has 13 failed banks on FDIC record since 1934. Closest in time: SolutionsBank (2009), Security Savings Bank, F.S.B. (2010), Hillcrest Bank (2010), Heartland Bank (2012), Small Business Bank (2026).