A 116-year-old Kansas bank that survived two world wars and the Great Depression was the first federally insured bank to fail in the last five months.

The Office of the State Bank Commissioner of Kansas on Friday seized control of The Farmers and Merchants State Bank of Argonia and shut it down.

Based in Argonia, Kansas, the financial institution was originally established in 1901. As of its demise, there were just 16 employees on the payroll.

Source: Mortgage Daily