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| OKSB > SEC Filings for OKSB > Form 8-K on 22-Jun-2009 | All Recent SEC Filings |
22-Jun-2009
Entry into a Material Definitive Agreement, Completion of Acquisition or Di
On June 19, 2009, Southwest Bancorp, Inc. issued a press release announcing that Bank of Kansas ("SNB Kansas") had entered into a purchase and assumption agreement (the "Agreement") with the Federal Deposit Insurance Corporation ("FDIC") to acquire deposits, loans, and other liabilities and assets of First National Bank of Anthony, Anthony Kansas ("FNBA") in an FDIC-assisted transaction. SNB Kansas is a wholly owned, full service commercial banking subsidiary of Southwest.
All branches of FNBA will reopen as offices of SNB Kansas. FNBA depositors will automatically become depositors of SNB Kansas and deposits will continue to be insured by the FDIC without interruption.
In the Agreement, SNB Kansas agreed to pay a premium on deposits of 50 basis points and to acquire the specified assets, net of liabilities at a discount to book value of $15 million calculated in accordance with FDIC bidding rules.
Southwest estimates that SNB Kansas will acquire $140 million in deposits and $125 million in loans (at book value) in the transaction. SNB Kansas also will receive a cash payment from the FDIC, which will be calculated and paid on Monday June 22nd. SNB Kansas will not assume brokered deposits. Determination of the final amounts acquired and their values for financial statement purposes will be made after further analysis.
SNB Kansas and the FDIC also have entered loss sharing agreements that provide SNB Kansas with significant protection against credit losses on 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 on covered assets above $35 million. SNB Kansas will service the covered assets.
The information provided under Item 1.01 "Entry into a Material Definitive Agreement" is incorporated herein by reference.
On June 19, 2009, Southwest Bancorp, Inc. issued a news release regarding the entry by its subsidiary, Bank of Kansas, into a purchase and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") to acquire deposits, loans, and other liabilities and assets of First National Bank of Anthony, Anthony Kansas, in an FDIC-assisted transaction. A copy of this news release is attached as Exhibit 99, and is incorporated herein by reference.
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