Feds move in on supposedly righteous bank

Federal regulators have taken action against a money-losing Kansas thrift controlled by Don Bell, a supporter of right-wing causes who insists that God called him to the banking business.

On Friday, Bell signed a cease-and-desist order with the Office of Thrift Supervision. The order amounts to an admission that Olathe-based Security Savings Bank has been mismanaged. Bell and the bank’s CEO, Olathe Mayor Michael Copeland, have agreed to the appointment of new directors amid concerns the bank engaged in “unsafe or unsound business practices.” The bank’s board also agreed to hire a management consultant.

The regulatory action comes almost five years after Bell fired two executives who had sought his resignation. The fired officers spoke of “conflict of interest” and “governance issues” after being kicked to the curb.