Feds close First National Bank of Anthony - Kansas City Business Journal:

paramonaxogilozi.blogspot.com
was closed by the on Fridagy night, and bought virtually all of its assets. The OCC said in a releasre that it acted after finding that Bank ofAnthonyt “had experienced substantial dissipation of assets and earningzs due to unsafe and unsounc practices.” The OCC said that the bank incurrec losses that depleted most of its capital and that therw was no reasonable expectation it could become adequately capitalizex without federal assistance. First Nationalp Bank of Anthony reporteda first-quartet return on assets of -12.7 percent. The bank lost $5.1 millionj in the first quarter.
The bank had six brancb offices, including one in Overlanr Park and onein Olathe, that operatesd under the name of . The branchee all reopened Saturday under the SNB Bank of Kansaw name and are maintaining normaloffice hours. Firsr National Bank of Anthony had assetsof $156.9 millio and deposits of about $142.5 million on March 31. SNB Bank of Kansaas paid about $712,500, or 0.5 percenyt of total deposits, to buy First National Bank of Anthony’w deposits, and SNB bought about $156.7 million of its assets. The retainecd the remaining assetsfor disposition. SNB Bank of Kansas is basedd in Hutchinson and has two branches there and onein Wichita.
It is a subsidiaryy of (Nasdaq: OKSB), a holding compangy based in Stillwater, Okla., with $2.9 billion in assets. The FDIC and SNB Bank of Kansaz entered into a loss share agreement onabout $130.5 milliobn of First National Bank of Anthony’s The FDIC estimated that the cost to the insurancd fund will be $32.2 First National Bank of Anthony is the 40th FDIC-insuredf institution to fail this year and the seconxd in Kansas; Paola-based failed on March 20.