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Douglass National Bank reports $1.3 million dollar loss

According to the Kansas City Business Journal, "Troubled Douglass National Bank lost $1.3 million in 2007, the Kansas City-based bank reported in its latest filing with federal regulators."

As we noted yesterday (1/24/08) in an article by Marissa Fajt in the American Banker Newspaper ("Prospects Said to Be Dim for Struggling K.C. Bank")

"The bank had a deal to sell itself, but it fell through in October, and William Michael Cunningham, social investing adviser with Creative Investment Research Inc. in Washington, said he has been wondering since then if Douglass could survive on its own.

'Given the trouble they have been in and the problems they have — lack of income, a buyer backing out, and real estate issues — it just wouldn't surprise me if they had reached the tipping point..Douglass is likely to have trouble meeting its capital needs, because there are not many investors or investment funds looking to put money into a small minority bank.."
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