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Simmons First National in Pine Bluff, Ark., has agreed to an early termination of its federal loss-share agreements for its acquisition of four failed banks.
September 16 -
National Bank Holdings in Greenwood Village, Colo., has filed an application to convert NBH Bank from a national association to a Colorado state-charted bank.
November 5 -
CoBiz Financial's bank chairman, Jonathan Lorenz, will retire in December.
August 6
National Bank Holdings in Greenwood Village, Colo., has negotiated an early termination of the loss-share agreements that backed up its acquisitions of two failed banks.
The $4.8 billion-asset holding company for NBH Bank paid $15.1 million to the Federal Deposit Insurance Corp. to end the agreements.
National Bank will record a $2.6 million after-tax gain in the fourth quarter from the settlement payment and from the write-off of the remaining FDIC indemnification asset of $18.2 million and the clawback payable of $38.7 million.
The early termination is expected to be immediately positive to earnings through the elimination of amortization expense associated with the FDIC indemnification asset, which totaled $20.8 million, of 42 cents per share, through the first nine months of this year.
"Additional benefits include greater financial transparency and comparability to industry peers, additional strategic flexibility and the elimination of administrative costs," Chief Executive Tim Laney said in a Nov. 9 news release.
National Bank will reclassify $155.1 million in covered loans to purchased noncovered loans.
The loss-share agreements date its 2010 and 2011 acquisitions of the failed Hillcrest Bank in Overland Park, Kan., and Community Banks of Colorado.
National Bank
