User Login    
 + Register
News : Glasgow Savings Bank acquired by Regional Missouri Bank of Marceline
Posted by Tom on 2012/7/14 8:09:56 (568 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
2014/10/31 13:20:00 - Milan Coaches Show For Thursday, 10/30/14
2014/10/31 9:42:05 - KC Royals Acquire Minor League Catcher
2014/10/31 7:40:47 - PSC Cold Weather Rule Takes Effect November 1
2014/10/31 7:33:53 - MoDOT To Hold Winter Readiness Drill
2014/10/31 6:31:42 - Trenton Police Department Offers Halloween Safety Tips
2014/10/31 4:35:51 - Halloween Is A Dangerous Night For Impaired Driving
2014/10/31 4:26:18 - Student Threatens To Bring Gun To School; Lack Of Communication Upsets Parents
2014/10/31 4:21:03 - Ameren To Lower Gas Rates For Missouri Customers
2014/10/31 4:12:03 - Elderly Man Shoots Woman Who Kicked In Door
2014/10/31 4:07:35 - Trenton Woman Arrested On Violation Of Probation
2014/10/31 4:05:02 - Unity Road To Be Closed For Railroad Crossing Work
2014/10/30 10:19:14 - 11 Men Sentenced In International Child Porn Ring
2014/10/30 10:07:13 - Plane Crashes Into Building At Airport In Wichita, Kansas
2014/10/30 9:22:06 - Grundy County Circuit Court News
2014/10/30 9:19:12 - Summit Natural Gas To Raise Rates
2014/10/30 9:13:29 - Chillicothe Police Make Additional Arrest In Drug Investigation
2014/10/30 4:40:00 - Mother Upset After School Vaccinates Her Child Without Her Permission
2014/10/30 4:36:29 - Illinois Teacher Calls Jamaican Students "N" Word After They Object To 'Afro-American'
2014/10/30 4:09:13 - Kirksville Teen Arrested For Child Molestation
2014/10/30 4:02:02 - Missouri Inmate Indicted For Killing Cellmate
2014/10/30 3:59:21 - Wentzville Parents Charged In 10-Week-Old's Death
2014/10/29 12:36:00 - "Mr. Mizzou" John Kadlec Passes Away at 86
2014/10/29 12:33:08 - NCMC Announces Cancellation of "Meet the Pirate" Night
2014/10/29 12:28:54 - Pre-Season Parent Meeting Approaches For THS Wrestlers
2014/10/29 12:24:51 - Alex Smith Suffers Shoulder Injury
2014/10/29 12:19:43 - 7th Heaven : Royals Push World Series To Dramatic Final Game
2014/10/29 10:40:56 - Health Fair To Be Held Saturday In Mercer County
2014/10/29 10:38:44 - Solar Farm, Electric Rates Topic Of Trenton Board Of Public Works
2014/10/29 10:36:41 - Program On Ebola To Be Presented Saturday In Chillicothe
2014/10/29 10:34:22 - Chillicothe Police Department Makes Arrests On Drug Charges



Bookmark this article at these sites

                   

Listen to KTTN-FM