Kansas Labor Department’s new chief financial officer worked at failed bank

The new chief financial officer at the Kansas Department of Labor held the same position at a local savings bank that failed. Rick Gudenkauf was the CFO as well as the chief operating officer when regulators seized Security Savings Bank last fall.

The Federal Deposit Insurance Corp. estimated that Security Savings would cost the Deposit Insurance Fund $82.2 million. From that spectacular wreckage, Gudenkauf is stepping into a state job that pays a six-figure salary.