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Small banks drop in number in Kansas, nationally

Associated Press - November 10, 2014 12:49 am

Small banks drop in number in Kansas, nationally

The number of small banks in Kansas and the U.S. continues to shrink at a significant rate.

Federal Deposit Insurance Corp. data shows that between June 30, 2004, and June 30, 2014, the number of Kansas-based banks with assets less than $100 million declined 44 percent. The Wichita Eagle reports that the data also showed the number of small banks in the nation declined by 54 percent in the same period.

Officials said the decline is mostly the result of mergers and acquisitions. But Chuck Stones, president of the Kansas Bankers Association, said there are other reasons. He said one example is when a bank owner wants to retire and has no children willing to take over the family bank.

City of Salina