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Article: Harrington West Announces the Sale of Its Harrington Bank Operations in the Kansas City Market for a $4.1 Million Premium.
- Article from:
- Business Wire
- Article date:
- August 6, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SOLVANG, Calif. -- Harrington West Financial Group, Inc. (Nasdaq:HWFG) (the "Company"), the holding company for Los Padres Bank, FSB (LPB), today announced that it had entered into a definitive agreement to sell its Kansas City banking operations, which operate as Harrington Bank, to Arvest Bank, an Arkansas-chartered commercial bank that operates banking locations in Arkansas, Kansas, Missouri and Oklahoma and had over $10.7 billion of consolidated assets at June 30, 2009.
Under the agreement, Arvest will purchase certain assets at net book value, including two branch locations and approximately $94 million in loans, while assuming all $93 million of the ...