Newspaper article THE JOURNAL RECORD

American Bancorp Buyout Completed / A Cash Deal

Newspaper article THE JOURNAL RECORD

American Bancorp Buyout Completed / A Cash Deal

Article excerpt

The acquisition of American Bancorp of Edmond by Christian Kirkpatrick Keesee and his grandparents, John and Eleanor Kirkpatrick of Oklahoma City, has been completed.

Keesee, 26, and his family received approval from the Federal Reserve Bank to purchase 88.75 percent of the stock of American Bancorp, which owns 99.96 percent of American Bank and Trust Co. of Edmond.

The Kirkpatrick family members paid $2.7 million to settle the holding company's debt on a promissory note held by a group of bankers. The debt owed on the note was not disclosed.

"This was a cash deal," Keesee said. "There are probably not very many bank holding companies that are debt free.

"With no debt service, it shouldn't be too hard to bring the bank back to profitability. It was the strongest bank we looked at in terms of potential.

"We wanted to be present in the Edmond area."

There are no immediate plans for expansion or changes in management, personnel or policy, Keesee said.

"We want to keep it a small community, independent bank," he said.

Keesee will become chairman of the holding company and will be a member on the board of directors. He is the vice president of the Kirkpatrick Foundation Inc. and a partner of Kirkpatrick Oil Co. in Oklahoma City.

His banking career includes serving as management trainee at United Oklahoma Bank, attending Pepperdine University in Malibu, Calif., in 1985.

John Goad will remain president and other members of management will remain in their positions as well. They will also retain a minority interest in the holding company.

The controlling stock in the bank holding company was owned by Goad; Leonard Nelson, executive vice president and controller, and Robert Kirby, executive vice president. …

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