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

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was closed by the on Friday night, and bought virtuallu all of its assets. The OCC said in a release that it acted after finding that Bank ofAnthonyg “had experienced substantial dissipation of assetsw and earnings due to unsafed and unsound practices.” The OCC said that the bank incurresd losses that depleted most of its capital and that therse was no reasonable expectation it could become adequately capitalizedx without federal assistance. First National Bank of Anthongy reporteda first-quarter return on assets of -12.7 The bank lost $5.1 million in the firsr quarter. The bank had six branch including one in Overland Park and one in that operated under the nameof .
The branches all reopeneed Saturday under the SNB Bank of Kansas name and are maintainingy normaloffice hours. First National Bank of Anthony had assetdof $156.9 million and depositws of about $142.5 million on Marcu 31. SNB Bank of Kansas paid about or 0.5 percent of total to buy First National Bank of Anthony’sz deposits, and SNB bought about $156.7 millio n of its assets. The retainee the remaining assetsfor disposition. SNB Bank of Kansas is basee in Hutchinson and has two branches there and one in It is a subsidiaryof (Nasdaq: a holding company based in Stillwater, with $2.9 billion in assets. The FDIC and SNB Bank of Kansaws entered into a loss share agreement onabouft $130.
5 million of First National Bank of Anthony’ assets. The FDIC estimated that the cost to the insurances fund willbe $32.2 million. Firsty National Bank of Anthony is the40th FDIC-insured institution to fail this year and the seconfd in Kansas; Paola-based failed on March 20.