News

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15 Jul 2010

DLA Piper represents Dickinson Financial Corporation in the acquisition of its subsidiary Bank Midwest by NBH Holdings

Press Release

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DLA Piper announced today that the firm represented Dickinson Financial Corporation (DFC) in a definitive agreement with NBH Holdings Corporation (NBH) for NBH to acquire the traditional commercial and retail banking businesses of Bank Midwest National Association, a subsidiary of DFC. The transaction, which is subject to regulatory approval, is expected to close in the fall.

Included in the transaction are 38 branches across Missouri and Kansas as well as certain deposits and performing loans. The acquired branches will continue to operate under the Bank Midwest name, and the company's headquarters will remain in Kansas City. The purchase price was not disclosed.

When the transaction is completed, the current Bank Midwest employees working in the 38 branches are expected to continue to do so, becoming employees of NBH. DFC and NBH also have agreed to transfer the necessary business support and operations employees from DFC to NBH after a short transition period. DFC will continue to own and operate the retail store branches, and will retain all of Bank Midwest’s capital, reserves and non-performing assets.

The DLA Piper team that advised DFC in the transaction included partners Michael Reed, Rusty Conner, Jeffrey Hare, Joseph Langhirt, Julia Kovacs and Mary Jane DeWeese, with additional assistance from associates Brian Gordon, Kiran Lingam and Christopher Steelman.

“This agreement benefits all of the parties involved, allowing NBH Holdings to enter into attractive banking markets, and strengthening the capital resources of DFC for its future success,” said Reed. “DLA Piper was honored to assist DFC’s legal and business teams throughout this strategic transaction.”