Commercial Federal buys Mid Continent Bancshares

Journal Record, The (Oklahoma City), Mar 3, 1998

OMAHA, Neb. (JR) -- Commercial Federal has completed its acquisition of Mid Continent Bancshares, parent company of Mid Continent Federal Savings Bank in El Dorado, Kan.

Mid Continent will merge into Commercial Federal Bank, a wholly owned subsidiary of Commercial Federal with 19 branches in Oklahoma.

In this transaction, Commercial Federal acquired all of the outstanding shares of Mid Continent's common stock in exchange for about 2.6 million shares of its common stock. Mid Continent operated 10 branch offices in Kansas. At Dec. 31, it had assets of $407.6 million, deposits of $262.4 million and stockholders' equity of $41 million. Five branches of the combined companies will be consolidated into nearby offices, leaving Commercial Federal Bank operating 164 branches located in Iowa, Kansas, Nebraska, Colorado, Oklahoma and Arizona. In addition to retail banking, Commercial Federal operations include mortgage banking, consumer and business financing, insurance, trust and investment services. Commercial Federal, including the Mid Continent acquisition, has assets of $8.4 billion and deposits of $5.2 billion.