Bank IV Kansas City, an affiliate of Fourth Financial Corp., the state's largest bank holding company, on Friday purchased the failed Anchor Federal Savings and Loan Assn. of Kansas City, Kan.
Anchor Federal operated 15 branch facilities in the state, including one at 900 Ohio in Lawrence. The operation in Lawrence reopened today as a Bank IV facility. Ten other branches in Kansas were reopened today and four will reopen Monday.
Bank IV Kansas City, which is based in Olathe, paid a premium of $3.2 million for the right to purchase Anchor Federal, once the sixth-largest savings and loan in Kansas based on assets. Bank IV assumed nearly $470 million in Anchor Federal deposits.
"The consolidation of Anchor Federal into Bank IV Kansas City establishes us as a major area financial institution," said Sam Perkins, president of Bank IV Kansas City.
"MORE IMPORTANTLY, it allows us to better serve our customers with more locations and a combination of resources and expertise which will enhance the economic growth of the area," Perkins said.
Officials said this is the largest savings and loan purchase and assumption in Kansas by one institution since the thrift bailout began in August 1989.
As part of Friday's transaction, Bank IV Topeka said it would buy $34 million in deposits and assume $34 million in assets of the two Topeka locations of Anchor Federal from Bank IV Kansas City. Regulatory approval for that sale is pending.
The Federal Deposit Insurance Corp. took over Anchor Federal in January 1989. It went into receivorship Aug. 31 and the Resolution Trust Corp., the federal agency created to manage the S&L bailout, said Jan. 11 that it would put the insolvent thrift up for sale.
ACCORDING TO a prepared statement from Fourth Financial Corp., all 170 former Anchor Federal employees will have an opportunity for employment with Bank IV.
Tom Koenig, Lawrence's Anchor branch manager, said he welcomed the action by Bank IV, which hasn't made management changes. The local branch will be known as Bank IV Kansas City-Lawrence.
"I see a lot of positive things coming down the pike, not only for us as employees but for Lawrence," Koenig said. "It will be an asset to have Bank IV here."
Anchor Federal had offices in Lawrence, Kansas City, Topeka, Ottawa, Mission, Overland Park, Leawood, Shawnee, Council Grove, Goodland, Columbus and Junction City. A Kansas City branch and those in Ottawa, Goodland and Columbus reopen Monday.
DEPOSITORS can continue to conduct business with Bank IV. All checks drawn on Anchor Federal accounts will be honored by Bank IV. Rates on interest-bearing accounts may change after 14 days and deposits may be withdrawn without penalty.
The operational merger of Anchor Federal locations into the Bank IV system will be effective in November. At that time, customers will be able to bank at any Bank IV location in the Kansas City area. Until November, customers are encouraged to continue doing business at the office where they have accounts.
During the last 12 months, Fourth Financial Corp. has increased its asset size by 48 percent, from $2.7 billion to $4 billion, and its deposit size by 55 percent, from $2.2 billion to $3.4 billion.