Bank of the West, Brooke Savings Bank Sign Purchase Agreement
September 13 2007 - 9:51AM
PR Newswire (US)
OVERLAND PARK, Kan., Sept. 13 /PRNewswire-FirstCall/ -- Bank of the
West and Brooke Savings Bank, a wholly owned subsidiary of Brooke
Corporation (NASDAQ:BXXX), today announced a definitive agreement
for Brooke Savings Bank to purchase approximately $8 million in
loans and $103 million in deposits. Brooke Savings Bank has agreed
to pay a deposit premium of between $2.7 and $3.3 million. The
transaction is expected to close within 150 days and is subject to
regulatory approval and standard closing conditions. These assets
and deposits were acquired by referral from a network of
contractual agents in Kansas. In 2005, Bank of the West acquired
Commercial Federal Bank, a $10.4 billion-asset, 205-branch savings
bank operating in seven states, which had acquired the Kansas agent
network in its merger with Railroad Savings Bank. The agent network
currently consists of Kansas-based bank agents that refer deposit
and loan business to Bank of the West, which has 25 branches in the
state. "A relationship with Brooke Savings Bank provides bank
agents an affiliation with an organization whose growth plans are
focused almost entirely on agent banking," said Gary Baugh,
president and chief executive officer of Brooke Savings Bank.
"Brooke Savings Bank expects the 45 agents to benefit from the
advertising and marketing investments already made by Brooke's
network of more than 800 independent insurance agent locations. We
believe that the proposed purchase of loans and deposits from Bank
of the West will be beneficial to both bank agents and bank
customers." "Bank of the West has a substantial branch system that
we hope to expand upon in Kansas," said Bob Dalrymple, executive
vice president and manager of Bank the West's Great Plains Division
in Omaha. "This change in no way diminishes our commitment to
banking services in Kansas, and it allows us to focus on our
branch-centric model. This portfolio is a better fit for
agent-focused Brooke Savings Bank, and we know that these customers
will be well served." About Bank of the West Founded in 1874, $58.4
billion-asset Bank of the West (http://www.bankofthewest.com/) is
the third-largest commercial bank based in the Western U.S. and one
of the 25 largest in the U.S. Bank of the West offers a full range
of business, trust, international and personal banking services.
The bank currently operates more than 700 banking locations in 19
Western and Midwestern states, including 25 branches in Kansas,
with 228 employees in the state. About Brooke Savings Bank Brooke
Savings Bank (http://www.brookesavingsbank.com/) is a federally
chartered savings bank based in Kansas but authorized to conduct
its operations throughout the United States. Brooke Savings Bank
conducts its operations through commissioned agents who have
contracted with the bank to refer deposit and loan customers.
Brooke Savings Bank believes that agent banking represents a more
efficient distribution system than traditional bank distribution
systems and that this efficiency will ultimately result in pricing
and other advantages to consumers. This press release contains
forward-looking statements by Brooke Savings Bank. All
forward-looking statements involve risks and uncertainties, and
several factors could cause actual results to differ materially
from those in the forward-looking statements. The following
factors, among others, could cause actual results to differ from
those indicated in the forward-looking statements: the uncertainty
that Brooke Savings Bank's purchase of loans and deposits generated
through Bank of the West's network will close, the uncertainty that
Brooke Savings Bank will achieve its short-term and long-term
profitability and growth goals, uncertainties associated with
market acceptance of and demand for Brooke Savings' products and
services, the impact of competitive products and pricing, the
ability to meet product demand, the exposure to market risks, the
exposure to changes in interest rates, uncertainties associated
with the development of technology, changes in the law and in
economic, political and regulatory environments, changes in
management, the effectiveness of internal controls, and risks and
factors described from time to time in reports and registration
statements filed by Brooke Corporation with the Securities and
Exchange Commission. A more complete description of Brooke's
business is provided in Brooke Corporation's most recent annual,
quarterly and current reports, which are available from Brooke
Corporation without charge or at http://www.sec.gov/. DATASOURCE:
Brooke Savings Bank CONTACT: Gary Baugh of Brooke Savings Bank,
+1-913-266-4540, ; or John Stafford of Bank of the West,
+1-415-765-4850, Web site: http://www.brookesavingsbank.com/
http://www.brookecorp.com/ http://www.bankofthewest.com/
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