Southwest Bancorp, the financial holding company for Bank of Kansas (SNB Kansas), announced that Bank of Kansas has signed a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). The deal is to acquire deposits, loans, and other liabilities and assets of Kansas-based First National Bank of Anthony (FNBA), in an FDIC-assisted transaction.
SNB Kansas and FDIC have signed loss sharing agreements that provide SNB Kansas with significant protection against credit losses from loans and related assets acquired from FNBA.
Under these agreements, 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.
Through its subsidiaries, Southwest offers commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting, and other financial services.
