Kentland Federal Savings and Loan Association of Kentland, Ind., has failed.
The nation’s smallest standalone bank, with $3.7 million of assets, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold substantially all of the bank’s assets and its deposits to Kentland Bank.
Kentland Federal had $3.7 million of deposits. Its only branch will permanently close.
The FDIC estimated that the failure will cost the Deposit Insurance Fund about $1.2 million.