Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services, has acquired all the deposits and assets that the Federal Deposit Insurance Corporation manages in The First National Bank of Olathe in Johnson County, Kansas.

The Office of the Comptroller of the Currency ordered the closure of FNB on 12 August and appointed the FDIC as receiver.

Under the terms of the agreement, the FDIC will reimburse Enterprise for certain losses incurred on the assets it will acquire. FNB, which provides private banking and wealth management services among others, reported around $538 million in assets as of 30 June 2011, $296 million in loans, $100 million in real estate, and approximately $524 million in deposits.

Effective 13 August, all branches of FNB began operating under the Enterprise Bank name, with all depositors automatically transferred to the new owner. Deposits will continue to be insured by the FDIC to the maximum allowed by law. 

"This acquisition dramatically strengthens our presence in Kansas. It's our third acquisition in this market over the past four years, boosting our local deposits to more than $1 billion," said Peter Benoist, the president and chief executive of Enterprise.

Enterprise Bank has seven branches in the city, in addition to the six FNB branches it has acquired. The region is led by Lindan Hanson as president and Sam Pepper as chief operating officer.