Brooke Corporation Completes Bank of the West Transaction
January 18 2008 - 2:21PM
PR Newswire (US)
OVERLAND PARK, Kan., Jan. 18 /PRNewswire-FirstCall/ -- Brooke
Corporation (NASDAQ:BXXX) today announced that it has completed the
transaction between its wholly-owned subsidiary, Brooke Savings
Bank, and Bank of the West. The transaction, which added
approximately $100 million in deposits and $7.5 million in loans to
Brooke Savings Bank's balance sheet, was approved by all required
regulatory officials and became effective at the close of business
on Jan. 18, 2008. Brooke Savings Bank paid a deposit premium of
approximately $2.9 million. As part of the transaction, Brooke also
acquired a network of 42 Kansas-based bank agents who refer deposit
and loan business to the bank. Customers of the Bank of the West's
Kansas agent network received letters from both the Bank of the
West and Brooke Savings Bank in December 2007 that explained the
transition of deposit and loan accounts. On Jan. 18, 2008, all
checking, savings, money market, certificate of deposit and IRA
accounts, and selected consumer loan accounts, such as auto loans,
home equity loans, and home equity line of credit loans that were
opened through the Bank of the West Kansas agent network were
transferred to Brooke Savings Bank. "I am very excited about growth
prospects of Brooke's bank agent platform," said Keith Bouchey,
chief executive officer of Brooke Corporation. "The Bank of the
West transaction augments our balance sheet creating a solid
foundation for future expansion. The acquisition will also allow us
to tap into local community relationships developed by the network
of Kansas-based agents. My goal is to leverage these relationships
and our nationwide network of insurance franchises to grow the
bank's client base and ultimately, our assets." Brooke Savings Bank
is a federally-chartered savings bank with its home office located
in Phillipsburg, Kan., and an administrative office located in
Overland Park, Kan. About Brooke Corporation Brooke Corporation is
a holding company listed on the Nasdaq Global Market under the
symbol "BXXX". Brooke Corporation owns 100 percent of Brooke
Bancshares, Inc., a banking organization with a federally-chartered
thrift institution that operates an "agent bank". Brooke
Corporation owns 62 percent of Brooke Credit Corporation, a finance
company specializing in insurance-related lending. Brooke
Corporation owns 81 percent of Brooke Capital Corporation
(AMEX:BCP), an insurance organization with a life insurance
company, an insurance agency franchisor and a non-standard auto
insurance company. About Brooke Savings Bank Brooke Savings Bank 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. E-mail
Distribution ...To receive electronic press alerts, visit the
Brooke Corporation media room at http://brookecorp.mediaroom.com/
and subscribe to our E-mail alerts online through the Get the News
link. 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 indicated 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 will
successfully transition the management and data systems of the
acquired operations, the uncertainty that customers of Bank of the
West's network will remain customers of Brooke Savings Bank, 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 Corporation CONTACT: Kate Sidorovich of Market Street
Partners, +1-415-445-3236, , for Brooke Corporation Web site:
http://www.brookecorp.com/
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