Kansas had its fourth bank failure of the year.
Madison Bank was closed by state Bank Commissioner Eugene T. Barrett Jr. due to a “substantial deterioration in the quality of the bank’s loan portfolio.” However, the bank’s operations were immediately taken over by First National Bank of Madison, and it is expected to reopen today as a branch of the assuming bank, a spokesman for the Federal Deposit Insurance Corp said. The Madison Bank was the 53rd to close in the United States this year.
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