Enterprise Bank & Trust buys bank assets including Scottsdale loan offices

Enterprise Bank & Trust, which has commercial banking operations in Phoenix, purchased First National Bank of Olathe in Kansas from the Federal Deposit Insurance Corp. last week. First National Bank of Olathe, based outside Kansas City, Kan., had a loan production office in Scottsdale. The purchase increases St. Louis-based Enterprise's assets to about $500 million in Arizona and $3.4 billion nationally. It was the fourth FDIC transaction for Enterprise. First National Bank of Olathe was closed Aug. 12 by the Office of the Comptroller of the Currency. It reopened Saturday as Enterprise Bank & Trust. The sale will cost the Deposit Insurance Fund about $117 million, according to the FDIC. First National Bank of Arizona had about $538 million in assets and $524 million in total deposits as of June 30, according to the FDIC. The acquisition is expected to boost Enterprise's earnings, Jack Barry, president and CEO of its Arizona operations. “This acquisition continues to build our presence in Arizona,” he said. In January, Enterprise entered into a loss share agreement with the FDIC to acquire certain assets and assumed certain liabilities of Legacy Bank in Scottsdale. In July 2010, Enterprise acquired $260 million in Arizona-originated assets from the FDIC in connection with the failure of Home National Bank of Blackwell, Okla., the St. Louis Business Journal reported. Enterprise also acquired Valley Capital Bank in Mesa in an FDIC-assisted transaction in December 2009.

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