A bylaws change that would be the first official step toward merger of the Missouri League of Financial Institutions into the Missouri Bankers Association (MBA) has been approved by the MBA board of directors.
The change would create three temporary, three-year at-large board seats for representatives from the league. One of these special board members would serve as a voting member of the MBA executive committee for that same three-year period.
At the end of the three years, the MBA board would return to its current structure of two directors from each region serving three-year terms and four at-large directors appointed by the chairman and confirmed by the board.
The bylaws amendment will be presented to the MBA membership for approval at the regional meetings scheduled in September. The amendment must have affirmative votes from two-thirds of the member banks attending the regional meetings.
The League's board and membership will meet to approve the proposal in early autumn.
If both organizations approve the change, the target date for merger is Nov. 1, 2001.
MBA Chairman Larry L. Snyder, president of The Hamilton (Mo.) Bank, said that with all the changes that have occurred in the industries over the past 15 years, this merger makes sense. "Banks look more like savings associations than they previously did and the Al industry has become more bank-like," he said. "There are virtually no divisive issues remaining. Uniting the two trade groups provides a strong, unified voice to lawmakers and to the public on issues that are important to us all."
Dwight Conover has been named chairman-elect for the Iowa Bankers Association (IBA). He is with First National of Creston, Iowa, and will assume the IBA position at its 2001 convention in September.
New board members to assume duties at the convention include Iowa bankers Richard Aadland, Pioneer Bank in Sergeant Bluff; Joe Hutchinson, Union State in Rockwell City; Roger Claypool, Shelby County State in Harlan; Darlys Hulme, Farmers Savings Bank & Trust, Traer; Lynn Horak, Wells Fargo Bank Iowa, Des Moines; Karl Knock, Iowa State Savings Bank, Creston; and Brad Davis, Hampton State, as treasurer.
New offices for the Iowa Bankers Association (IBA) are at 8800 N.W. 62nd Ave. in Johnston, Iowa. The move was completed Aug. 20.
The new mailing address is P.O. Box 6200, Johnston, IA 50131-6200. Phone numbers will be 800-532-- 1423 and 515-286-4300.
The Heart of America Chapter of the Bank Marketing Association announced its 2001-2002 board at its marketing seminar last month at the Homestead Country Club in Prairie Village, Kan.
The board members are president, Donna Harden, Midwest Independent Bank, Jefferson City, Mo.; second vice president, Victor Hammonds, Capitol Federal Savings, Topeka, Kan.; treasurer, Beth Holtwick, Brotherhood Bank & Trust, Kansas City, Kan.; secretary, Michelle Lawson, Midwest Independent Bank; and directors, Beth Mitchell, Farmers State, Holton, Kan., Connie Cahone, First Community Bank, Emporia, Kan., and Craig Ferguson, Deluxe Financial Services, Lenexa, Kan.
A Payments Odyssey is the theme for the annual Mid-America Payments Conference 2001 scheduled for Nov. 6-8 at the Adam's Mark Hotel in St. Louis. The event is sponsored by the Mid-America Payment Exchange (MPX), Kansas City.
The conference will feature daily keynote addresses was well as a broad spectrum of experts speaking on current issues and future trends. The event will also feature an exhibit hall.
Gold Banc Corp., Leawood, Kan., has received a favorable decision from an American Arbitration Association Commercial Panel resulting in an award of more than $4.5 million relating to its 1999 purchase of Regional Holding Co., Inc. The panel found in favor of the Gold Banc claim and for Gold Banc on all counter claims that had been advanced on the part of the sellers.
"We have been confident over the past year and a half that Gold Banc would prevail on the claims and are very pleased with this positive decision," said Michael W. Gullion, chairman and CEO of the holding company.
A 5% stock dividend has been declared by directors of Southside Bancshares, Inc., parent company of Southside Bank, Tyler, Tex. The stock dividend will be payable Oct. 3 to shareholders of record Sept. 17.
Community First Bankshares, Inc., Fargo, N.D., has announced plans to repurchase up to 3 million shares of its common stock, representing approximately 7% of the shares currently outstanding.
"We believe the continued repurchase of the company's shares represents an excellent investment opportunity," said President Mark Anderson. "Our strong earnings have provided excess capital and share repurchases are one tool to help manage the company's capital level. Consistent with our strategy, we will also continue to invest those earnings in internal growth and strategic acquisitions of banks and insurance agencies."
This is the third repurchase program authorized by the Community First board of directors since April 2000. Each of those actions authorized the repurchase of up to 5 million shares. At June 30, 2001, the company had repurchased 9.9 million shares.
The holding company board has also increased the quarterly dividend from 16 cents to 18 cents per share. The new dividend is payable Sept. 15 to shareholders of record Sept. 1.
A stock repurchase of 56.4 million shares has been approved by directors of U.S. Bancorp, Minneapolis, Minn. The shares will replace shares issued in connection with the July 24 closing of U.S. Bancorp's acquisition of NOVA Corp.
Also, the holding company plans to issue convertible debt securities during the 2001 third quarter in connection with the financing of the NOVA transaction.
Capitol Federal Financial, parent company of Capitol Federal Savings Bank, Topeka, Kan., has announced its board has authorized the repurchase of up to 8 million shares of its common stock, representing 9.9% of its outstanding shares and 28.4% of the outstanding shares held by persons other than Capitol Federal Savings Bank MHC.
The repurchase will be made through a modified Dutch auction tender. Under this procedure, Capitol Federal Financial shareholders will be given the opportunity to sell part or all of their shares to the company at a price of not less than $17.50 per share and not more than $20 per share. The repurchase offer will expire Sept. 18 unless extended by the company.
First Midwest Bancorp, Inc., Itasca, Ill., is repurchasing up to 2.5 million common shares, or 6.25% of the shares outstanding. In taking this action, the board of directors rescinded the former repurchase plan under which authority for some 550,000 shares remained.
The company has also announced an 11% increase in its quarterly cash dividend. The new rate of 20 cents per share will be payable Oct. 23 to shareholders of record Sept. 28.
Directors of PrivateBancorp, Chicago, have approved a stock repurchase program allowing the purchase of up to 231,192 shares of its outstanding common stock. This represents approximately 5% of the 4.7 million common shares currently outstanding.
Shares repurchased will be available for issuance under the company's stock incentive plan and other general corporate purposes.
The board has also declared a quarterly cash dividend of three cents per share, payable Sept. 28 to stockholders of record Sept. 14. This is a 20% increase over the prior dividend rate of 2.5 cents per share.
First Midwest Financial, Inc., Storm Lake, Iowa, has announced plans to repurchase up to 121,500 shares, or approximately 5%, of the company's outstanding shares.
The repurchased shares will become treasury shares to be used for general corporate purposes, including the issuance of shares in connection with grants and awards under the company's stock-based benefit plans.
A 3-for-2 stock split has been approved by directors of Southwest Bancorp, Inc., Stillwater, Okla. The dividend was payable Aug. 29 to shareholders of record Aug. 15.
The Texas Banking Commissioner and the Antigua & Barbuda International Financial Sector Regulatory Authority have signed an agreement on information sharing between the two supervisory authorities. The agreement provides for information sharing and efficient supervision for jointly supervised financial institutions, the officials said.
"Our goal is coordinated comprehensive supervision," said Texas Banking Commissioner Randall S. James. "This document represents a landmark in cooperation between financial institution supervisory authorities of the State of Texas and a foreign government. It underscores that seamless supervision of both Texas state-chartered financial institutions with offices in other countries and foreign institutions with offices in Texas can be achieved."
Texas Secretary of State Henry Cuellar said, "As international commerce becomes commonplace, closer cooperation between nations is essential on matters relating to banking and financial institutions. The agreement that the Texas Banking Commissioner has signed with fellow financial institution supervisors in Antigua and Barbuda should serve as a model for similar agreements and as a preview of the kind of information sharing that will be increasingly common in the Global Century."
American National Corp., Omaha, plans to acquire Peoples National of Council Bluffs, Iowa. Subject to regulatory approvals, the action will be completed by yearend.
Valley Bank and Trust, Scottsbluff, Neb., is purchasing the charter of Community Bank-Dove Creek, Colo., and establishing a branch in Fort Collins, Colo. The new branch will operate under the name of Western States Bank.
The charter for the Colorado bank became available when that bank announced plans to merge with an affiliate bank.
First Banks, Inc., Clayton, Mo., has entered into a definitive agreement to acquire Union Financial Group, Ltd. (UFG), Swansea, Ill. UFG, which has total assets of $361 million, operates State Bank of Jerseyville, Ill., and Union Bank of Illinois, Swansea. Terms of the agreement call for a purchase price of some $26.8 million.
Shareholders of UFG common stock will receive $11 per share in cash, or a total of approximately $18 million, subject to a $1.60 per share escrow to cover certain contingent liabilities. Shareholders of Series C preferred stock may convert their shares to common stock at closing and receive the common equivalent transaction value, or they will receive the stated value of $1,000 per share, plus, in either case, cumulative dividends. Shareholders of Series D preferred stock will receive the stated value of $100,000 per share.
The transaction, which is subject to regulatory approvals and the approval of the shareholders of UFG, is expected to be completed during the 2001 fourth quarter.
First Banks has also announced an agreement to acquire Plains Financial Corp., Des Plaines, Ill. That transaction, which is expected to bE completed in the first quarter of 2002, is valued at $36.5 million.
Regions Financial Corp., Birmingham, Ala., is acquiring First Bancshares of Texas, parent company of First Bank of Texas, Tomball, in a transaction valued at approximately $33 million. The merger is expected to be consummated in the 2001 fourth quarter.
Valero Energy Corp. has announced plans to acquire a controlling interest in DSRM National, Albuquerque.
Allegiant Bancorp, Inc., St. Louis, has reached a definitive agreement to purchase the five Missouri branch offices of Guardian Savings Bank, Houston. All five offices are in St. Louis County.
In the action, Allegiant Bank will acquire the branch facilities and assume approximately $100 million in deposit liabilities. The transaction is planned for completion in the fourth quarter.
"The purchase of these offices is consistent with Allegiant Bank's strategic efforts to increase market share in St. Louis," said Shaun Hayes, president and CEO of the bank.
Commercial Federal Bank, Omaha, has announced agreements to sell five offices in Springfield, Mo., to Guaranty Federal Savings Bank, Springfield; and to sell its Belmond (Iowa) branch to Northwest Savings Bank of Spencer, Iowa.
Applications for prior approvals have been filed by the following: FlatIrons Bank Holding Co., Loveland, Colo., to become a bank holding company through the acquisition of 100% of the voting shares of Flatirons Bank (in organization), Boulder; Stamford (Neb.) Banco, Inc. to acquire an additional 16.7%, for a total of 33.32% of the voting shares of First Gothenburg (Neb.) Bancshares, Inc., parent of First State, Gothenburg; AmeriBank Holding Co., Collinsville, Okla., to become a bank holding company through the acquisition of 100% of the voting shares of American Bank of Oklahoma, Collinsville; Howard County Land and Cattle Co., Grand Island, to acquire 80% of the voting shares of Citizens National, a proposed new bank in Loup City, Neb.; First Western Bank Shares, Inc., Huron, S.D., to become a bank holding company through the acquisition of 100% of the voting shares of Marquette Bank Nebraska, O'Neill; State Bank of Winfield (Kan.) Employee Stock Ownership Plan to become a bank holding company through the acquisition of 32.45% of the voting shares of State Financial Investments, Inc., Winfield; and Team Financial, Inc., Employee Stock Ownership Plan, Team Financial, Inc. and Team Financial Acquisition Subsidiary, Inc., all of Paola, Kan., to acquire 100% of Post Bancorp, Inc., Colorado Springs, and thereby indirectly acquire Colorado Springs National.
Federal Reserve approvals have been granted for the following actions: Allegiant Bancorp, Inc., St. Louis, to acquire 100% of the voting shares of Southside Bancshares Corp., St. Louis, and thereby indirectly acquire its four subsidiary banks, South Side National in St. Louis, Bank of Ste. Genevieve, Bank of St. Charles County in St. Charles and State Bank of Jefferson County, DeSoto, all in Missouri; BancStar, Inc., St. Louis, to acquire 100% of the voting shares of Pacific BancStar, Inc., St. Louis, thereby indirectly acquiring 99.9% of its subsidiary bank, Bank Star, Pacific, Mo.; First Western Bancorp, Inc., Huron, S.D., to acquire at least 74.8% of the voting shares of American Bank Shares, Inc., Rapid City, S.D., and thereby acquire the company's subsidiary bank, American State, also in Rapid City; and Russellville Bancshares, Inc., Jonesboro, Ark., to become a bank holding company through the acquisition of 100% of the Class A and 17.12% of the Class B shares of First Arkansas Valley Bank, Russellville, and the related notification by Home Bancshares, Inc., Conway, to acquire direct and indirect ownership of 33.33% of the Class A and 33.33% of the Class B shares of Russellville Bancshares. Also approved was the related notification by Home Bancshares' subsidiary bank holding company, North Little Rock Bancshares, Inc. to acquire direct ownership of 5.69% of the Class A and 5.69% of the Class B shares of Russellville Bancshares. Marshall & Ilsley Corp., Milwaukee, has completed its merger with National City Bancorp., Minneapolis. Each share of National City common stock was converted into the right to receive .53636 shares of M&I common stock. Cash will be paid in lieu of fractional shares.
National City's board of directors will become M&I's local board for the Minneapolis area. David Andreas, who served as president of National City Bancorp., will join the M&I Corp. board.
William J. Klein, formerly executive vice president in charge of client services for National City Bank of Minneapolis, has been named president of M&Is Minnesota market. Robert L. Olson will continue to serve as president and chief executive officer of National City's asset-based lending subsidiary, Diversified Business Credit, Inc. Texas Republic Bancshares, Inc. has completed its acquisition of Security National, Quanah, Tex.
The bank is planing to open a new branch in Frisco, Tex., this fall. Charter application has been filed for the proposed Gateway Community Bank, Roscoe, Ill. The proposed bank would be at 5306 Williams Dr. Organizers include Kurt Carlson, Vincenzo Cimino, Dan C. Haynes, Thomas M. Heepke, Harvey L. Kip, Beverly A. Patrick, Robert J. Prosser and Wade J. Rudyanski.
In Kansas, charter application has been filed for the proposed Town and Country Bank. The proposed institution would be at 135th and Roe in Leawood.
Charter approval has been granted for the proposed Southern Colorado National. The bank will be at 3595 Tuxedo Blvd., Pueblo. Spokesperson is Keith E. Varner of Walsenburg, Colo.
Heritage National, Lawrenceville, Ill., has filed to convert to a state charter as Heritage Bank of America.
In Missouri, UMB Bank, Warsaw, has filed to convert to a national charter as UMB Bank, Warsaw, N.A.
Merger applications have been filed for the following actions: Community Bank of Preston, Iowa, and Farmers State Bank Chadwick and Mount Carroll, Mount Carroll, Ill., to merge into Metrobank, N.A., Davenport, Iowa; Sunflower Bank, Salina, Kan., to acquire by merger, First National of Canon City, Colo.; Minnequa Bank of Pueblo, Colo., to merge into Vectra Bank Colorado, Farmington, N.M.; Peoples State, Henderson, Tex., to merge into Citizens National, Henderson; and Nueces National, Corpus Christi, Tex., to merge into First National, Edinburg,Tex.
