The transaction, which added approximately $100 million in deposits and $7.5 million in loans to Brooke Savings Bank’s balance sheet, was approved by all required regulatory officials and became effective at the close of business on January 18, 2008. Brooke Savings Bank has paid a deposit premium of approximately $2.9 million.
Previously, customers of the Bank of the West’s Kansas agent network have received letters from both the Bank of the West and Brooke Savings Bank, which has explained the transition of deposit and loan accounts. All checking, savings, money market, certificate of deposit and IRA accounts, and selected consumer loan accounts, such as auto loans, home equity loans, and home equity line of credit loans that were opened through the Bank of the West Kansas agent network were transferred to Brooke Savings Bank.
Keith Bouchey, CEO of Brooke Corporation, said: The Bank of the West transaction augments our balance sheet creating a solid foundation for future expansion. The acquisition will also allow us to tap into local community relationships developed by the network of Kansas-based agents. My goal is to leverage these relationships and our nationwide network of insurance franchises to grow the bank’s client base and ultimately, our asset.
