Dickinson Financial Corporation II (Dickinson, or “the company”) is a $4.6 billion, private, family-owned BHC headquartered in Kansas City, Missouri. DFCII has a unique structure, with a wholly-owned intermediate holding company which wholly-owns two chartered subsidiaries, Academy Bank (AB) and Armed Forces Bank (AFB). AB is a ~$3 billion traditional, full-service commercial bank with 80 branches in 5 states, including 50 branches in Walmart Supercenter stores. AFB is a ~$1.4 billion military affinity bank with 14 branches located on large military installations in the U.S. Despite having differentiated brands and strategies, the banks share internal resources and are managed on a consolidated basis.
During the GFC, Dickinson experienced credit quality issues in a subsidiary, Bank Midwest, as a result of over-concentration in land and construction lending. Dickinson ultimately sold Bank Midwest and a related non-compete limiting operations in Kansas…
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