FDIC Friday - August 12, 2011
Posted: Sat Aug 13, 2011 8:50 amEnterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of First National Bank of Olathe, Olathe, Kansas
As of June 30, 2011, First National Bank of Olathe had approximately $538.1 million in total assets and $524.3 million in total deposits. Enterprise Bank & Trust will pay the FDIC a premium of 1.5 percent to assume all of the deposits of First National Bank of Olathe. In addition to assuming all of the deposits of the failed bank, Enterprise Bank & Trust agreed to purchase essentially all of the assets.
The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $419.6 million of First National Bank of Olathe's assets. Enterprise Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116.6 million. Compared to other alternatives, Enterprise Bank & Trust's acquisition was the least costly resolution for the FDIC's DIF. First National Bank of Olathe is the 64th FDIC-insured institution to fail in the nation this year, and the first in Kansas. The last FDIC-insured institution closed in the state was Hillcrest Bank, Overland Park, on October 22, 2010.
As of June 30, 2011, First National Bank of Olathe had approximately $538.1 million in total assets and $524.3 million in total deposits. Enterprise Bank & Trust will pay the FDIC a premium of 1.5 percent to assume all of the deposits of First National Bank of Olathe. In addition to assuming all of the deposits of the failed bank, Enterprise Bank & Trust agreed to purchase essentially all of the assets.
The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $419.6 million of First National Bank of Olathe's assets. Enterprise Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116.6 million. Compared to other alternatives, Enterprise Bank & Trust's acquisition was the least costly resolution for the FDIC's DIF. First National Bank of Olathe is the 64th FDIC-insured institution to fail in the nation this year, and the first in Kansas. The last FDIC-insured institution closed in the state was Hillcrest Bank, Overland Park, on October 22, 2010.