BOSTON and KANSAS CITY, Mo., Dec. 10, 2010 /PRNewswire/ -- NBH Holdings Corp. (NBH), today announced its consummation of the acquisition of the traditional commercial and retail banking businesses of Bank Midwest, N.A. from Dickinson Financial Corporation (DFC). NBH has acquired 38 Bank Midwest branches, the Bank Midwest name and related accounts and will continue to operate as Bank Midwest.
Included in the acquisition of the 38 branches across Missouri and Kansas are certain deposits and performing loans. Employees of the 38 branches are now employees of the new Bank Midwest, and Bank Midwest's headquarters will remain in Kansas City. DFC and NBH have completed the transfer of the necessary business support and operations employees from DFC to NBH.
"With the acquisition of Bank Midwest, and the eventual merging of Hillcrest Bank into Bank Midwest in 2011, we are executing on our strategy of establishing a leading community bank in this part of the country," said Tim Laney, President and Chief Executive officer of NBH. "NBH is one of the best-capitalized bank holding companies in the United States and managed by highly experienced banking executives with a commitment to community banking. We are excited about the growth prospects of Bank Midwest and confident in our ability to serve communities and customers."
As planned, Missouri native Tom Metzger of the NBH management team has taken over as President and Chief Executive Officer of Bank Midwest, N.A. and is now residing in Kansas City.
"I am excited to lead the new Bank Midwest. On behalf of all of our Bank Midwest employees, I'd like to welcome our customers to the new Bank Midwest," said Mr. Metzger. "We believe in local decision-making and in maintaining close ties to the communities we serve. We are a community bank with a very simple philosophy: Deliver high-quality service and products and ensure our focus is always on serving the needs of our customers, associates and communities."
The existing Bank Midwest branches located in Wal-Mart® stores were not sold to NBH and will continue as part of the locally owned and managed DFC family of banks. Those branches will become a division of another DFC banking subsidiary and will be rebranded to operate under the name Academy Bank. DFC will also retain all of Bank Midwest's capital, reserves and non-performing assets, and its headquarters will remain in its current downtown Kansas City location.
"We're confident Bank Midwest customers will see a seamless transition to the new Bank Midwest," said Paul Holewinski, Chief Executive Officer of Dickinson Financial Corporation. "We're pleased that the customers we've been serving for many years will continue to be served by a high quality banking organization that shares our commitment to the communities across Missouri and Kansas."
NBH is a community bank holding company created to build a leading community bank franchise delivering high quality customer service and strong shareholder results. NBH raised in excess of $1.0 billion through the sale of common stock in a private placement in late 2009. Led by a highly experienced and accomplished management team with a successful track record of operating large and complex financial institutions, NBH intends to become a publicly traded bank holding company.
Not an Offer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any state or jurisdiction.
Forward-Looking Statements. This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements, including as a result of factors outside NBH's or DFC's control, such as economic and other conditions in the markets in which NBH, Bank Midwest and DFC operate; managements' ability to effectively execute their respective business plans; regulatory enforcement actions to which DFC, NBH and/or Bank Midwest are currently and may in the future be subject; changes in capital classification; changes in the economy affecting real estate values; inability to attract and retain deposits; changes in the level of non-performing assets and charge-offs; changes in the financial performance and/or condition of borrowers; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; and competition. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
SOURCE NBH Holdings Corp.