WASHINGTON (1/28/08)—Federal regulators late Friday closed the $58.5 million-asset Douglass National Bank of Kansas City, Mo.—this year’s first bank failure. The Federal Deposit Insurance Corp. (FDIC) approved the assumption of the failed institution’s deposits by Liberty Bank and Trust Company of New Orleans, La. In addition to assuming all of the failed bank’s $53.8 million in deposits, the FDIC said Liberty Bank and Trust will purchase approximately $55.7 million of Douglass National's assets at book value, less a discount of $6.1 million. The FDIC will retain approximately $2.8 million in assets for later disposition. The regulator estimated that the cost to its Deposit Insurance Fund is approximately $5.6 million. Three FDIC-insured institutions failed during 2007.