Bank Midwest parent gets $146M from Treasury program - Tampa Bay Business Journal:

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Kansas City-based Dickinson is the privately owned holding companyfor , and four otherd affiliate banks throughout the United States. The banks have combinedc assets ofabout $6.1 Bank Midwest had $4.2 billion in assets on 30 and a 0.42 percent returmn on assets. The bank had $3.3 billion in net loane and leases asof Sept. 30 and $95.1 milliob of assets in nonaccrual status. Dickinson said in a release that it intendsa to use the Treasury proceedsfor “generaol corporate purposes, including additional capital to suppory its lending operations across all six of its bankinv subsidiaries.
” “We believe that our participation in the Treasury’as Capital Purchase Program is a prudent step during theser uncertain economic times,” Dickinson CEO Rick Smalleu said in the release. “This cost-effectivse capital further strengthens our solid capitao position and will enhance our efforts to emerge from this environmengt as an even strongerfinancial institution.” Dickinso n said in the release that each of its banks was considere d “well capitalized” by regulatory guidelines as of Dec. 31. Dickinso also recently entered into an agreement to sell its basedin Tampa, Fla., to (Nasdaq: NEWS), accordin to a Jan. 8 news releas e from NewStar.
The purchase price is contingent on theclosinyg date, potential changes in tangiblwe book value and other considerations. Based on Southermn Commerce Bank’s $218 million in assets on Nov. 30, NewSta said the purchase price would be somewherbetween $17.5 million and $19 The closing is subject to regulatory approvals. Bank Midwest ranksz No. 5 on the Kansas City Business Journa ’s list of area based on market shareof deposits.