June 22, 2009 (FinancialWire) — Southwest Bancorp, Inc. (NASDAQ: OKSB) said that its Bank of Kansas unit has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corp. to acquire deposits, loans, and other liabilities and assets of First National Bank of Anthony in Anthony, Kansas in an FDIC-assisted transaction.

On July 22, all branches of FNBA will reopen as offices of SNB Kansas. FNBA depositors will automatically become depositors of SNB Kansas and deposits will continue to be insured by the FDIC without interruption.

The six acquired SNB Kansas branches are in Anthony, Harper, Mayfield, Overland Park, Olathe, and Wichita, Kansas. Southwest said that the acquired branches complement existing SNB Kansas branches in Hutchinson, South Hutchinson, and Wichita.

At March 31, 2009, the company’s consolidated Kansas banking operations accounted for around $160 million in deposits and $310 million in loans. Based upon March 31 information, Southwest Bancorp estimate that SNB Kansas will acquire an additional $140 million in deposits and $125 million in loans in the transaction.

SNB Kansas also will receive a cash payment from the FDIC, which will be calculated and paid on Monday, June 22. Determination of the final amounts acquired and their values for financial statement purposes will be made after further analysis, according to the company.

SNB Kansas and the FDIC also have entered loss sharing agreements that provide SNB Kansas with protection against credit losses from loans and related assets acquired from FNBA. Under these agreements, the FDIC will reimburse SNB Kansas for 80% of losses on covered assets, primarily acquired loans and other real estate, of up to $35 million, and for 95% of any losses above $35 million. SNB Kansas will service the covered assets.

Stillwater, Oklahoma-based Southwest Bancorp is the financial holding company for Stillwater National Bank and Trust company, Bank of Kansas, Healthcare Strategic Support and Business Consulting Group.

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