Claremore Daily Progress

Business

July 10, 2010

RCB Bank acquires failed Home National Bank

Expands branches into Kansas and Arizona

From Staff Reports Staff Writer

CLAREMORE — Regulators shut four banks with $1.13 billion in combined assets on Friday raising the number of U.S. bank failures to 90.

RCB Bank, based in Claremore, reached an agreement to acquire the largest of the four banks closed by regulators.

Home National Bank of Blackwell, Okla., was the largest bank to be seized, with $644.5 million of assets, according to statements on the Federal Deposit Insurance Corp.’s website. The closures cost the FDIC deposit-insurance fund $159.9 million.

Home National’s deposits were sold to RCB for a 0.22 percent premium, the FDIC said.

RCB picked up 15 branches and $560.7 million in deposits.

The acquisition includes 11 branches in Kansas and Oklahoma as well as four branches in Arizona. The newest RCB Bank locations will serve customers in Scottsdale and Phoenix, Ari., Arkansas City and Winfield, Kan., as well as Bartlesville, Blackwell, Ponca City, Shidler and Stillwater..

“We are excited to bring Home National customers into the RCB Bank family” said Roger Mosier, President and CEO of RCB Bank. “RCB Bank has always been known for our conservative banking and business practices, which is what made this acquisition possible.  We believe that the customers and employees of Home National Bank will greatly benefit from our community-first culture and full line of banking products and services.”

With the acquisition RCB will have assets of about $1.9 billion with 35 locations in three states.

“We’ve had a loan production office in Wichita for several years now and the additional Kansas locations prove a commitment to our growth and expansion into those communities in southern Kansas,” said Mosier. “Additionally, we are strengthening our position in communities across Oklahoma, while giving our customers more branch locations for easier and more convenient banking service.”

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