Published: Friday, June 14, 1991The Kansas Bank Commissioner today declared the Bank of Horton, once one of the largest originators of student loans in the nation, insolvent and announced that a bank in a nearby town had bought it to operate it as a branch.The Horton bank had loan losses that exceeded its capital, Commissioner Frank D. Dunnick's office said.
For generations Horton was a small lender, but it grew phenomenally in the 1980's by issuing about $1 billion in student loans guaranteed by other agencies, and ultimately by taxpayers.Most Bank of Horton loans were guaranteed by the Higher Education Assistance Fund, which required a costly Federal bailout last year.The Horton bank has been under Federal scrutiny and has financial problems because of defaults on student loans it originated.Kansas regulators seized control of the bank in late April but had made no statement on the bank's solvency.Mr. Dunnick closed the bank at noon today and appointed the Federal Deposit Insurance Corporation, which insures bank deposits, as its receiver. At the same time, he announced its purchase by the Kansas State Bank in Holton. Mr. Dunnick's office said the Horton bank would open Friday as a branch of the Holton bank.
| Bank of Horton | |
|---|---|
| General | FDIC Certificate #: 17681 Status: Inactive Closing history: Corrections Acquiring institution: Kansas State Bank (#15483) Federal Reserve ID: 936154 Date Established: 1887-03-10 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 11644 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes Insured commercial Banks: Yes FDIC Insured: Yes State Chartered: Yes Date of Deposit Insurance: 1956-10-10 Last Structure Change Effective Date: 1991-06-13 Last Structure Change Process Date: 1991-06-20 Last Data Update: 1991-06-20 Data Source Date: 2009-05-14 |
| Location | Address: 108 East 8th Street, Horton, KS 66439 County: Brown Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Kansas City Office of the Comptroller the Currency (OCC) District: Midwest Office of Thrift Supervision Region: Midwest |
| History of Changes | Absorption - Assisted Corrections |
| Financial Summary | Total assets: $167.3 mil |
| Kansas State Bank | |
|---|---|
| General | FDIC Certificate #: 15483 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution: The Girard National Bank (#4673) Federal Reserve ID: 682451 Date Established: 1937-01-01 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 5 (Interstate: No) OTS Docket #: 11628 FDIC's unique #: 9786 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes Insured commercial Banks: Yes FDIC Insured: Yes State Chartered: Yes Date of Deposit Insurance: 1937-04-27 Last Structure Change Effective Date: 2002-02-01 Last Structure Change Process Date: 2002-02-20 Last Data Update: 2002-02-20 Data Source Date: 2009-05-14 |
| Location | Address: 101 East Fifth Street, Holton, KS 66436 County: Jackson Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Kansas City Office of the Comptroller the Currency (OCC) District: Midwest Office of Thrift Supervision Region: Midwest Core Based Statistical Area (CBSA): Topeka, KS (#45820) CBSA Metro Statistical Area: Topeka, KS (#45820) |
| Financial Summary | Total assets: $95.9 mil |
| The Girard National Bank | |
|---|---|
| General | FDIC Certificate #: 4673 Status: Active Federal Reserve ID: 928056 Bank Holding Company (Regulatory Top Holder): Gn Bankshares, Inc. (RSSDID: 1064915, Location: Girard, KS) Date Established: 1929-07-01 WWW: http://www.gn-bank.com Trust Powers Granted: No Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC) Offices: 15 (Domestic: 15, Interstate: Yes) FDIC's unique #: 3105 Numeric code: 3 Regulator: OCC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Agricultural lending institution: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: No Subchapter S Corporations: No Asset Concentration Hierarchy: Agricultural Specialization Date of Deposit Insurance: 1934-01-01 Last Structure Change Effective Date: 2007-08-25 Last Structure Change Process Date: 2007-09-28 Last Data Update: 2007-09-28 Data Source Date: 2009-05-14 |
| Location | Address: 100 East Forest, Girard, KS 66743 County: Crawford Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Springfield Mo Office of the Comptroller the Currency (OCC) District: Midwest Office of Thrift Supervision Region: Midwest Core Based Statistical Area (CBSA): Pittsburg, KS (#38260) CBSA Micro Statistical Area: Yes |
| History of Changes | Office Purchased |
| Financial Summary | Total assets: $497.9 mil Equity capital: $55.3 mil Deposits held in domestic offices: $401.1 mil Return on assets (ROA): 0.90% ($4.5 mil) Quarterly return on assets: 0.47% ($2.3 mil) Return on Equity (ROE): 8.11% ($4.5 mil) Quarterly return on equity: 4.30% ($2.4 mil) Net income: $4.4 mil Quarterly Net income: $0.6 mil Pretax return on assets: 1.37% ($6,820.7 mil) Quarterly Pretax return on assets: 0.69% ($3,435.2 mil) |
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