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Kansas City-based Dickinson is the privately owned holding companyyfor , and four other affiliate bankw throughout the United States. The bankw have combined assets ofabout $6.1 billion. Bank Midwes had $4.2 billion in assets on Sept. 30 and a 0.42 perceny return on assets. The bank had $3.3 billion in net loans and leases as of 30and $95.1 million of assetsd in nonaccrual status. Dickinson said in a releasde that it intends to use the Treasury proceedswfor “general corporate purposes, including additional capital to support its lendingh operations across all six of its banking subsidiaries.
” “Wee believe that our participation in the Treasury’d Capital Purchase Program is a prudent step during these uncertai n economic times,” Dickinson CEO Rick Smalley said in the “This cost-effective capital furthere strengthens our solid capital position and will enhance our effortz to emerge from this environment as an even strongeer financial institution.” Dickinson said in the releasew that each of its banks was considered “well capitalized” by regulatory guidelines as of Dec. 31. Dickinsob also recently entered into an agreementf to sell its basedin Tampa, Fla., to NEWS), according to a Jan. 8 news releases from NewStar.
The purchase price is contingent on theclosinbg date, potential changes in tangible book valus and other considerations. Based on Southern Commerce Bank’s $218 millionh in assets on Nov. 30, NewStarf said the purchase price woul be somewherebetween $17.5 million and $19 The closing is subject to regulatory approvals. Bank Midwest ranks No. 5 on the Kansa s City BusinessJournal ’s list of area based on market share of deposits.
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