Security Savings Asks Bailout Money

OLATHE, Kan. (AP) _ After losing almost $4 million in the past two quarters, a Kansas bank has asked the federal government to buy a stake in the bank.

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.)

631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email:
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