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Archive for Friday, October 8, 1999

BUSINESS BRIEFCASE FOR FRIDAY

October 8, 1999

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Consumer borrowing

surged in August

Americans' borrowing raced ahead in August, posting the largest monthly increase in seven months, led by strong demand for loans for everything from autos and boats to education and vacation.

Consumers' credit outstanding, excluding mortgage debt, advanced at a 9.6 percent annual rate in August to a seasonally adjusted $1.367 trillion, the Federal Reserve said Thursday.

All told, consumers borrowed $10.8 billion more in August than during the month before. That was the biggest monthly increase since January when it rose by $15.3 billion

The increase in the level of borrowing in August was much stronger than many analysts expected. They were forecasting a monthly gain of $6.5 billion.

Buckle Inc. reports

sales increase

Apparel and footwear retailer Buckle Inc. said Thursday its September same-store sales increased 5 percent, contributing to a 14.5 percent increase in overall sales.

The company did not provide a dollar figure for same-store sales, but said overall sales for the 244-store chain increased to $33.4 million in the five-week period ended Oct. 2, from $29.2 million during the same period last year.

Year-to-date sales increased 14.9 percent to $241 million from $209.7 million and were up 3.6 percent on a same-store basis.

Buckle Inc. has a store in downtown Lawrence.

Team Financial Inc.

to buy Community Bank

Team Financial Inc. is buying another Kansas-based bank.

The Paola-based holding company announced a "definitive agreement" this week to acquire ComBankshares Inc., of Prairie Village, and its Community Bank subsidiary. The deal, subject to regulatory approval, is expected to close by year's end.

Team Financial, a $450 million bank holding company, has 15 banks in a dozen communities in Nebraska, Missouri and Kansas, including Ottawa, DeSoto, Osawatomie, Spring Hill and Paola.

Community Bank has $52 million in assets, $43 million in deposits and three banks, in Prairie Village, Chapman and Abilene.

The transaction, valued at $7.2 million, will result in a tax-free exchange of common stock for 51 percent of the purchase price, Team Financial said.

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