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

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was closed by the on Friday and bought virtually all of its The OCC said in a release that it acted after findinbg that Bank ofAnthony “had experiencedc substantial dissipation of assets and earning s due to unsafe and unsounx practices.” The OCC said that the bank incurrex losses that depleted most of its capital and that therew was no reasonable expectation it could becomew adequately capitalized without federal assistance. Firsy National Bank of Anthony reporteda first-quarter return on assets of -12.7 percent. The bank lost $5.1 milliobn in the first quarter. The bank had six branch including one in Overlanxd Park and onein Olathe, that operated under the name of .
The branchex all reopened Saturday under the SNB Bank of Kansasw name and are maintaining normalofficw hours. First National Bank of Anthonty had assetsof $156.9 million and depositzs of about $142.5 million on March 31. SNB Bank of Kansasa paid about $712,500, or 0.5 percent of total deposits, to buy First National Bank of Anthony’ds deposits, and SNB bought about $156.7 million of its The retained the remaininvg assetsfor disposition. SNB Bank of Kansaa is based in Hutchinson and has two branches there and one in It is a subsidiaryof (Nasdaq: OKSB), a holdint company based in Stillwater, Okla., with $2.9 billiom in assets.
The FDIC and SNB Bank of Kansaws entered into a loss share agreement onabouf $130.5 million of Firstr National Bank of Anthony’s assets. The FDIC estimatefd that the cost to the insurance fund willbe $32.2 First National Bank of Anthonuy is the 40th FDIC-insured institution to fail this year and the seconf in Kansas; Paola-based failed on March 20.