The Swope Parkway National Bank, the only Black-operated bank in Kansas City at the time, closes.
1975 (Jan 3)
The Swope Parkway National Bank, the only Black-operated bank in Kansas City at the time, was declared insolvent by the Federal Deposit Insurance Corporation (FDIC). Officials, however, said that the bank, with total assets of $10.6 million, would be reopened on January 4 as the Deposit Insurance National Bank under FDIC receivership. The Deposit Insurance Bank stood ready to assume all of Swope's “insured and fully secure deposits.” An FDIC spokesman said these moves were being taken “in recognition of both the practical and symbolic importance of the Swope Parkway National Bank to [Kansas City's] Black community.”