CITIZENS-JACKSON COUNTY BANK,WARRENSBURG, MISSOURI, ASSUMES INSURED DEPOSITS OF SUPERIOR NATIONAL BANK, KANSAS CITY, MISSOURI
FOR IMMEDIATE RELEASE
FDIC: David Barr (202) 898-6992
John Baker (816) 531-7500
OCC: Frank Vance(202) 874-4700
Citizens-Jackson County Bank, Warrensburg, Missouri, has
assumed the insured deposits of Superior National Bank, Kansas
City, Missouri, after Superior National was closed today by the
Office of the Comptroller of the Currency (OCC) and the FDIC was
Superior National, with assets of about $20.5 million, was
closed by the OCC because the bank, with less than two percent
tangible capital, was critically undercapitalized. The OCC also
found that Superior National was in an unsafe and unsound condition
to transact business, and that unsafe and unsound practices
required today's action.
The OCC determined that closure of the institution and the
appointment of the FDIC as receiver was necessary to protect the
interests of the bank's insured deposits. Superior National Bank
received its national bank charter on October 5, 1984.
The failed bank's sole office will not reopen; however,
depositors will have access to their insured deposits beginning
Friday, April 15,1994, at Citizens-Jackson County Bank's One Main
Plaza Branch, located at 4435 Main Street, Suite 100, Kansas City,
Missouri. Customers of the failed bank with safe deposit boxes
will have access to their boxes at the assuming bank's One Main
Plaza Branch. Superior National's depositors automatically will
become depositors of the assuming bank.
Citizens-Jackson County Bank will assume about $19.2 million
in about 1,480 deposit accounts. At the time Superior National was
closed, about $198,000 in 87 accounts exceeded the federal
insurance limit of $100,000 and will not be assumed by Citizens-
Jackson County Bank.
The FDIC Board of Directors also voted to make a prompt
advance payment to uninsured depositors equal to 50 percent of
uninsured claims. FDIC claims agents will contact uninsured
depositors on Friday to discuss their accounts and to arrange
payment of the advance dividend.
The assuming bank will pay a premium of $101,000 for the right
to receive the failed bank's deposits and will purchase
approximately $9.4 million of the failed bank's assets.
The Board of Directors approved the deposit assumption under
its authority to do so whenever it determines that such a
transaction will reduce the potential loss to the FDIC. The
transaction will be the least costly resolution to the FDIC.
Additionally, because the assets and deposits will be administered
by Citizens-Jackson County Bank, the failed bank's customers will
have the benefit of continuous uninterrupted service. Superior
National is the second bank to fail in the U.S. in 1994 and the
first in Missouri. Last year, 41 banks failed in the U.S.