Security Savings Bank president and CEO Michael Copeland informed customers of the move in a letter on Monday. The letter said the bank is asking for help not out of necessity, but to provide a boost to its ability to serve customers in a "difficult financial environment.''
The letter says most of the nearly $1.5 million loss last quarter was in a "mortgage-related mutual fund.'' In the second, third and fourth quarters of 2007, Security Savings lost more than $1.75 million.
The bank was established in Salina in 1898 but is now based in Olathe, with several offices around Kansas.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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