On October 16, 2026, the Federal Reserve Board announced the termination of enforcement actions against Gardner Bancshares, Inc. and Small Business Bank, both based in Lenexa, Kansas. Three actions were terminated on October 13, 2026: a cease and desist order dated September 1, 2023, which covered both entities, a cease and desist order dated November 13, 2024, against Small Business Bank, and a Prompt Corrective Action dated June 29, 2026, also against Small Business Bank.
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- Fed Ends Enforcement Actions Against Gardner Bancshares , Small Business Bank
The Federal Reserve Board has announced the termination of three enforcement actions against Gardner Bancshares, Inc. and Small Business Bank, both based in Lenexa, Kansas. The actions include cease and desist orders dated September 1, 2023 and November 13, 2024, and a prompt corrective action dated June 29, 2026. All three were terminated on October 13, 2026.
- Federal Reserve Ends Three Enforcement Actions Tied to Closed Kansas Bank
The Federal Reserve Board said three enforcement actions against Small Business Bank and its parent are no longer active, with terminations effective Oct. 13 after the Lenexa lender closed on July 17. The terminated actions were a Sept. 1, 2023 cease-and-desist order against the bank and Gardner Bancshares, Inc., a Nov. 13, 2024 order against the bank, and a June 29, 2026 prompt corrective action directive, and the Fed did not explain the terminations. The Kansas Office of the State Bank Commissioner tied the closure to ongoing operating losses, and the FDIC was appointed receiver. The Farmers State Bank of Oakley took over nearly all deposits, while the bank held $73 million in assets and about $69 million in deposits at March 31, 2026. The FDIC estimates the failure will cost the Deposit Insurance Fund about $5.7 million, subject to revision as it sells retained assets.
- What the Federal Reserve actually does
The Federal Reserve is the central bank of the United States, created by Congress in 1913 after a series of banking panics. Its dual mandate is maximum employment and stable prices, with stable prices defined since 2012 as 2% annual inflation measured by the PCE index. The Federal Open Market Committee, with twelve voting members, meets eight times a year to set the federal funds rate, its main tool; raising rates slows borrowing and inflation but risks recession, while cutting rates supports jobs but may lift inflation. During the 2008 crisis and the 2020 pandemic, the Fed bought Treasury and mortgage-backed securities to push down long-term rates, and it also serves as lender of last resort, bank supervisor and operator of payment systems such as FedNow, launched in 2023. It does not set tax or spending policy and cannot target individual prices like gas or groceries.
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