KANSAS CITY — The Heartland Bank of Leawood was closed by the Federal Deposit Insurance Corp. last week after struggling to meet requirements for a minimum amount of capital on hand, the Kansas City Star reports.
Under the FDIC closing, Metcalf Bank, based in Lee’s Summit, will buy Heartland’s $110 million in assets and $102.6 million worth of deposits. Along with taking on Heartland’s assets, Metcalf Bank will share $53.4 million in losses with Heartland.
The Leawood branches of Heartland will reopen as Metcalf Bank, and former customers of Heartland will automatically become depositors at Metcalf.
Heartland is the first bank to fail in Missouri this year. The FDIC has insured the deposits of Heartland and losses are expected to cost the agency $3.1 million.