Douglass National Bank

Who: Douglass National Bank

What: First bank failure of 2008 (Jan. 25, 2008)

Where: Kansas City, Missouri

Why: Unsafe and unsound banking practices; mounting loan problems.

Fast Facts: All deposits of Douglass National were assumed by Liberty Bank and Trust of New Orleans; as of Oct. 22, 2007, Douglass National had $58.5 million in total assets and $53.8 million in total deposits; Douglass was the Kansas City area's only African-American-owned bank...when it failed, it was the first to fail in the Kansas City area since April 1994; Liberty Bank is one of the five largest African-American-owned banks in the country; Douglass previously had been rescued from failure by the FDIC in 1991; Douglass had been without a CEO since January 2005, when Lester Johnson resigned.

View the press release