America's Smallest Bank Just Folded

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America's Smallest Bank Just Folded

Dow Jones07-11 05:44

Sound the death knell: America's smallest standalone bank has folded.

Regulators on Friday said they had closed Kentland Federal Savings and Loan Association, of Kentland, Ind., and that Kentland Bank (no relation) had agreed to purchase all its assets and assume its deposits.

Nestled near the Illinois border in Indiana, Kentland Federal Savings and Loan was founded in 1920 and has been managed by four generations of the Sammons family, according to its website. Its one location will close, regulators said.

Kentland Federal Savings and Loan held $3.73 million in total assets and $3.65 million in total deposits as of earlier this year. The bank failure is estimated to cost $1.2 million for the Federal Deposit Insurance Corporation. In its release Friday, the FDIC noted that Kentland Federal Savings and Loan was the smallest standalone bank in the U.S.

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