Bank of Kansas to acquire First National Bank of Anthony

Mon. June 22, 2009; Posted: 05:00 AM

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Jun 22, 2009 (Datamonitor via COMTEX) -- OKSB | Quote | Chart | News | PowerRating -- Bank of Kansas, a wholly owned subsidiary of Southwest Bancorp, has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation, or FDIC, to acquire deposits, loans, and other liabilities and assets of First National Bank of Anthony in an FDIC-assisted transaction.

All branches of First National Bank of Anthony (FNBA) will reopen as offices of Bank of Kansas (SNB Kansas). FNBA depositors will automatically become depositors of SNB Kansas and deposits will continue to be insured by the FDIC without interruption, said Southwest Bancorp.

SNB Kansas and the FDIC also have entered into loss-sharing agreements that provide SNB Kansas with significant protection against credit losses from loans and related assets acquired from FNBA.

Under these agreements, the FDIC will reimburse SNB Kansas for 80% of losses on covered assets, primarily acquired loans and other real estate, of up to $35 million, and for 95% of any losses above $35 million. SNB Kansas will service the covered assets.

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