Louisa Bank Collapses, Feds Take Possession
Kentucky officials have taken possession of a Louisa bank after determining it was “critically undercapitalized.”
A release from Kentucky’s Department of Financial Institutions says the state agency along with the FDIC have been closely monitoring Louisa Community Bank. It is the first FDIC-backed bank to fail in Kentucky since 2013.
Kentucky Farmers Bank of Catlettsburg has entered into a purchase and assumption agreement to take over the bank’s deposits.The Louisa bank has been operating since 2006 and had nearly $30 million in total assets.
The bank will reopen Saturday morning as Kentucky Farmers Bank and will resume normal business hours.
Source: MG News
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