User Login    
 + Register
News : Glasgow Savings Bank acquired by Regional Missouri Bank of Marceline
Posted by Tom on 2012/7/14 8:09:56 (502 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
2014/4/24 10:45:53 - Vermont Lawmakers First To Pass State Bill Requiring Labeling Of Genetically Modified Foods
2014/4/24 10:40:00 - Fetal Tissue Used To Power Oregon Homes
2014/4/24 10:30:00 - NFL Announces 2014 Schedule, Chiefs Have Three Prime-Time Games
2014/4/24 9:48:13 - Light Case Load For Associate Division Of Circuit Court
2014/4/24 9:45:04 - Trenton Resident Charged With Domestic Assault
2014/4/24 9:40:00 - Green City Gophers Sweep Milan Relays
2014/4/24 9:30:00 - Trenton Police Partner To Offer At-Home Drug Tests For Free
2014/4/24 9:20:00 - Colorado 4th-Graders Busted For Buying And Selling Pot During School Day
2014/4/24 7:49:21 - Armed Robbers Hit Southeast Missouri Nursing Home
2014/4/24 4:39:16 - House Bill Would Let Motorcyclists Ride Without Helmets
2014/4/24 4:35:40 - Branson Aldermen Consider Public Smoking Ban
2014/4/24 4:26:51 - Kansas Will Nullify Local Regulation Of Guns
2014/4/24 4:22:21 - Call Of Duty Loser Calls In SWAT Team Hoax On Kid Who Beat Him
2014/4/24 4:13:13 - Warrensburg Teacher Charged With Child Porn
2014/4/24 4:08:35 - Authorities Investigate Shooting Death In Southwest Iowa
2014/4/24 4:04:22 - In Disney's Shadow, Homeless Families Struggle
2014/4/23 16:26:28 - NCMC Pirates Sweep Wentworth Red Dragons
2014/4/23 11:40:00 - Former THS Golfer Finishes Collegiate Career
2014/4/23 11:34:30 - KC Chiefs Re-Sign WR Williams
2014/4/23 11:20:00 - Mizzou Caravan Visiting Northwestern H.S. (Mendon) On April 30th
2014/4/23 10:40:00 - TMS Boys Track Wins Team Title At C.F. Russell Stadium
2014/4/23 10:10:00 - Chillicothe Hornets Sweep Team Titles at Cameron Invitational
2014/4/23 9:50:00 - Hornets Tip Trenton In Tight Tennis Duel
2014/4/23 9:45:47 - Police Stop Swerving Pickup, Find 13-Year Old Boy Driving Drunk Dad Home
2014/4/23 9:30:00 - Dr. G Discusses Bed Wetting
2014/4/23 8:32:08 - Trenton Out-Shoots Chillicothe In Riverside CC Duel
2014/4/23 8:10:00 - Gallatin Girls, Maysville Boys Win Tiger Relays
2014/4/23 6:47:15 - Mom Bites Off Ear Of Dog Attacking 2-Year Old Daughter
2014/4/23 4:45:03 - NCMC To Prepare For Tight Budget
2014/4/23 4:40:08 - Children's Mercy Hospital Adopts No Hitting Policy



Bookmark this article at these sites

                   

Advertisement
Click to see original Image in a new window
Listen to KTTN-FM