NU Online News Service, Oct. 27, 2004, 10:15 a.m. EST
Kansas City Life Insurance Company has agreed to sell its interest in Generation Bank to a consortium of local investors.[@@]
The company, in Kansas City, Mo., says it will sell its shares in the federal savings bank for about $10.1 million in cash. The transaction requires approval by the Office of Thrift Supervision and is expected to close in early 2005.
The bank is valued at about 2% of Kansas City Life’s $4.6 billion in total assets as of June 30, 2004, according to R. Philip Bixby, president and chief executive officer of Kansas City Life and chairman of Generations Bank.