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

Frigidaire FAS226R2A
was closed by the on Fridag night, and bought virtually all of its The OCC said in a release that it actedc after finding that Bank ofAnthonty “had experienced substantial dissipation of assets and earnings due to unsafr and unsound practices.” The OCC said that the bank incurred lossess that depleted most of its capital and that therwe was no reasonable expectation it could becom adequately capitalized without federal First National Bank of Anthony reported a first-quarter returnh on assets of -12.7 percent. The bank lost $5.1 milliob in the first quarter. The bank had six branch including one in Overland Park and onein Olathe, that operatede under the name of .
The branchess all reopened Saturday under the SNB Bank of Kansas name and are maintainin normaloffice hours. First National Bank of Anthony had assetxof $156.9 million and deposits of about $142.54 million on March 31. SNB Bank of Kansasz paid about $712,500, or 0.5 percent of totao deposits, to buy First National Bank of Anthony’d deposits, and SNB bought about $156. million of its assets. The retained the remaining assetsfor disposition. SNB Bank of Kansass is based in Hutchinson and has two branchexs there and onein Wichita. It is a subsidiarty of (Nasdaq: OKSB), a holding companty based in Stillwater, with $2.9 billion in assets.
The FDIC and SNB Bank of Kansa s entered into a loss shares agreement onabout $130.5 million of First National Bank of Anthony’s assets. The FDIC estimated that the cost to the insuranced fund willbe $32.2 million. First Nationall Bank of Anthony is the40th FDIC-insuredx institution to fail this year and the second in Paola-based failed on March 20.