Magazine article American Banker

Conversion over, MNB of Kan. Looks Ahead

Magazine article American Banker

Conversion over, MNB of Kan. Looks Ahead

Article excerpt

Manhattan Federal Savings made the giant leap from mutual thrift to national bank in one day, but 20 months later chief executive Patrick L. Alexander says his institution still has a long way to go.

The former Manhattan Federal Savings raised $4.6 million in a public offering when it converted from a mutual to a stock savings institution on Jan. 5, 1993.

On the same day, it became a nationally chartered bank and a subsidiary of its new holding company, MNB Bancshares -- a rare simultaneous conversion.

Now, "from a transformation standpoint, we're two to three years away from a achieving the balance sheet we want," said the president and chief executive of the $80 million-asset Kansas bank.

Michael Zuk, an analyst with Fahnestock & Co./B.C. Christopher in Kansas City, Mo., applauds Mr. Alexander's transition efforts. "Pat's a very levelheaded manager," he said. "He's got a clear focus on where he wants to lead the bank."

Manhattan National's loan. portfolio is gradually becoming more diversified, as are its deposits.

"The loans are going easier than the deposit mix," said Mr. Alexander, previously a community banker from 1972 until he joined the thrift in 1990. Because the bank used to be a thrift, "In our development of commercial checking account business, we're kind of like a de novo."

Still, at June 30, checking and NOW accounts are up 130% over yearend 1992, Mr. Alexander said.

Commercial loans have increased to 27% of Manhattan National's total loan portfolio at June 30, up from 14% at yearend 1992, Mr. …

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