The owners of a Chicago mortgage bank have acquired an Overland Park, Kan., thrift.
National Bancorp Holdings, a newly created holding company backed by brothers Stephen and John Calk, bought Generations Bank from Armed Forces Bank in Fort Leavenworth, Kan.
The $2 billion-asset Armed Forces took over the $43 million-asset Generations through the foreclosure of a loan that was secured by the thrift's stock.
National Bancorp did not disclose a price. Stephen Calk, who is now the chairman of Generations, said in an interview Friday that his company paid two times book value.
Calk said National Bancorp also doubled Generations' capital at closing April 4. Data from the Federal Deposit Insurance Corp. shows the thrift had a total risk-based capital ratio of 15.17% at yearend.
The Calk brothers also own Chicago Bancorp, a $1.2 billion-asset mortgage bank.
Operations of the mortgage bank will be kept separate from those of the thrift, Stephen Calk said.