Newspaper article THE JOURNAL RECORD

Bank Holding Companies File Bankruptcy / Filing No Reflection on American National Bank, Says Chairman

Newspaper article THE JOURNAL RECORD

Bank Holding Companies File Bankruptcy / Filing No Reflection on American National Bank, Says Chairman

Article excerpt

U.S. Bankruptcy Court in Oklahoma City by the two holding com panies affiliated with American National Bank in Midwest City.

However, the chairman of the boards of both holding companies said the filings have nothing to do with the bank.

"It doesn't indicate weakness - the bank is as strong as a horse," declared Andrew J. Haswell Jr.

"We're simply trying to get the related holding company lenders, related preferred shareholders and related common shareholders all organized again," he added. "Both companies own the bank, both have a positive net worth, but they're out of kilter and we want to get them in kilter."

National Bancshares Inc. purchased controlling interest in American National Bancshares Inc., which owns the bank, in the spring of 1984, forming a two-tiered holding company.

Now, in the midst of negotiations by a third party to form yet another holding company to acquire the first two, Haswell said the petitions were filed to simplify their capital structure, put the holding company debts together and consolidate their preferred and common shares of stock.

Haswell declined to elaborate on the third holding company. He did say that the same board of directors and ownership preside over National Bancshares and American National Bancshares, while the bank has a completely separate board.

The aimed-for result is a single holding company, Haswell said.

The first tier company, American National Bancshares, has $400,000 in preferred shares outstanding, 71,250 common shares outstanding and $2.68 million in debt, he said.

American's total assets are listed as "not less than $4.89 million," and total liabilities as $3.1 million, according to the petition.

National Bancshares, the second tier, has preferred shares of $1.5 million outstanding, 100,000 common shares and $2.5 million in debt, Haswell said.

The petition showed National's total assets to be "not less than $4. …

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