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Bank of Kansas acquired deposits, loans and other liabilities and assets of First National Bank of Anthony in Anthony, Kan., in a deal assisted by the FDIC. Southwest Bancorp estimated that its will acquire an additional $140 million in deposits and $125 million in loans in the transaction. Bank of Kansas also will receive a cash payment from the FDIC.
Bank of Kansas and the FDIC have loss-sharing agreements that provide Bank of Kansas with protection against credit losses from loans and related assets acquired. Under those agreements, the FDIC will reimburse Bank of Kansas for 80 percent of losses on covered assets, primarily acquired loans and other real estate, of up to $35 million, and for 95 percent of any losses above $35 million.
Rick Green, vice chairman of Bank of Kansas, said the transition would be seamless for customers.
"We welcome the customers of First National Bank of Anthony to SNB Bank of Kansas, which has served Kansas citizens and businesses for over a century," Green said. "There will be no interruption of banking services and customers can be confident that their deposits are secure and accessible."
Southwest Bancorp, parent company of Stillwater National Bank in Oklahoma, bought Bank of Kansas in July 2007 and operates the business under the marketing name SNB Bank of Kansas. Earlier this year, Southwest Bancorp merged a thrift, SNB Bank of Wichita, into Bank of Kansas.
The acquisition adds six new branches to Bank of Kansas' current three branches.
In November, regulators gave preliminary approval to Southwest Bancorp for the sale of up to $70 million in preferred shares and related warrants for the purchase of $10.5 million of its common stock under the U.S. Treasury's Capital Purchase Program.
To see more of The Oklahoman, or to subscribe to the newspaper, go to http://www.newsok.com. Copyright (c) 2009, The Oklahoman, Oklahoma City Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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