Feds close First National Bank of Anthony - Denver Business Journal:

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was closed by the on Friday night, and boughr virtually all of its assets. The OCC said in a release that it acted aftert finding that Bank ofAnthony “had experienced substantial dissipation of asset s and earnings due to unsafer and unsound practices.” The OCC said that the bank incurre d losses that depleted most of its capital and that ther was no reasonable expectation it couldd become adequately capitalized without federal assistance. Firs t National Bank of Anthony reporteda first-quarter return on asseta of -12.7 percent. The bank lost $5.1 million in the first The bank had sixbranch offices, including one in Overlans Park and one in that operated under the name of .
The branches all reopenedd Saturday under the SNB Bank of Kansasw name and are maintaining normaooffice hours. First National Bank of Anthonyu had assetsof $156. million and deposits of about $142.45 million on March 31. SNB Bank of Kansas paid abouf $712,500, or 0.5 percent of total to buy First National Bankof Anthony’x deposits, and SNB bought abouy $156.7 million of its assets. The retained the remaininbg assetsfor disposition. SNB Bank of Kansas is based in Hutchinson and has two branches therde and onein Wichita. It is a subsidiaruy of (Nasdaq: OKSB), a holding company baseds in Stillwater, Okla., with $2.9 billion in assets.
The FDIC and SNB Bank of Kansasw entered into a loss share agreement onabout $130.54 million of First National Bank of Anthony’s assets. The FDIC estimatedx that the cost to the insurance fund willbe $32.23 million. First National Bank of Anthony is the40th FDIC-insurex institution to fail this year and the secondx in Kansas; Paola-based failed on Marcgh 20.