User Login    
 + Register
PDQ Cleaning
News : Glasgow Savings Bank acquired by Regional Missouri Bank of Marceline
Posted by Tom on 2012/7/14 8:09:56 (577 reads) News by the same author

The Missouri Division of Finance, on Friday, accepted possession of Glasgow Savings Bank (of Glasgow), and appointed the FDIC as receiver. To protect depositors, an agreement to acquire the bank was reached with Regional Missouri Bank, a 133 million dollar state-chartered bank based out of Marceline.

Depositors of Glasgow Savings automatically have become depositors of Regional Missouri, and will continue to have full access to their accounts by writing checks and using their ATM cars. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby and drive-up services for former Glasgow Savings customers will resume today (Saturday).

Richard Weaver, the Commissioner of the Division of Finance, said there will be NO INTERRUPTION of services for customers of the former Glasgow Savings Bank. He explained the demise of the bank came from the result of aggressive lending decisions concentrated on "out-of-territory participations". Many of these loans became delinquent and non-performing. Losses were realized and became more than the bank could support. The bank operated under close regulatory scrutiny since 2009.

Attempts to sell the bank or obtain additional capital were not successful, and as a result, the bank's Board of Directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $22,000,000 as of June 30th.

Printer Friendly Page Send this Story to a Friend Create a PDF from the article


Other articles
2014/11/23 9:43:24 - Miller County Man Pleads Guilty To Murdering 13-Year Old Girl
2014/11/23 9:35:19 - St. Joseph School District Receives Federal Subpoena
2014/11/23 9:27:48 - Deaths Of 2 Homeless Sedalia Men Linked To Cold
2014/11/23 9:18:47 - Hunter Dies After Being Shot In Northeast Missouri
2014/11/23 9:15:28 - Charred Body Of Kansas Man Found In Missouri
2014/11/23 9:02:23 - Livingston County Sheriff Activity Report
2014/11/23 8:24:42 - Jamesport Man Arrested After Chase With Livingston County Authorities
2014/11/23 8:20:00 - Tanker-Truck Overturns South Of Gallatin
2014/11/23 8:09:11 - Livingston County Transports To The Missouri Department Of Corrections
2014/11/20 10:11:22 - Trenton Purchasing Committee Meets For First Time
2014/11/20 10:09:02 - Breakfast Fundraiser Planned At VFW Hall In Trenton
2014/11/20 10:06:10 - Grundy County Commission Accepts Snow Removal Bid
2014/11/20 10:04:01 - Livingston County Library Hosts Decorating Program
2014/11/20 10:01:54 - Grundy County Nursing Home District Meets
2014/11/20 9:58:51 - Chillicothe Fire Department Responds To Grass And Shed Fires
2014/11/20 4:56:43 - Teen Pedestrian Hit By Van In Jamesport
2014/11/20 4:25:40 - Youngest Defendant Pleads Guilty To 3 Murders That Happened 5 Years Ago
2014/11/20 4:21:46 - Man Missing For Over A Month Found In Branson
2014/11/20 4:18:56 - Combine Sharing Program Aims To Boost Farm Income
2014/11/20 4:16:00 - Police: Young Man Beaten And Run Over
2014/11/20 4:12:27 - Monthly Budget For Mom Who Left Kids In Hot Car: $4,172
2014/11/20 4:03:25 - Gilman City Man Dies In Crowder State Park Accident
2014/11/19 10:21:39 - Trenton Board Of Public Works Meets
2014/11/19 6:35:15 - Cameron Trucker Receives Minor Injuries In Highway 169 Accident
2014/11/19 6:30:00 - Chillicothe, Hamilton Residents Injured In Highway 36 Accident
2014/11/19 4:25:58 - Baby Given ZzzQuil By Mom Also Had Nicotine Poisoning
2014/11/19 4:23:14 - New Bullet Dubbed "Last Round You'll Ever Need" Hits Market
2014/11/19 4:18:52 - Monster Snow Storm Hits New York: More Than 4 Feet Of Snow Falls
2014/11/19 4:14:42 - Missouri Executes Leon Taylor For 1994 Killing
2014/11/19 4:10:59 - Additional Plans Announced For Festival Of Trees



Bookmark this article at these sites

                   

Listen to KTTN-FM