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Central Bank of Kansas City to take over St Louis bank
Kazakhstan News.Net
Saturday 7th November, 2009
Gateway Bank of St. Louis, St. Louis, Missouri, was closed Friday by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect depositors, the FDIC entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.
The sole branch of Gateway Bank of St. Louis will reopen on Saturday as a branch of Central Bank of Kansas City. Depositors of Gateway Bank of St. Louis will automatically become depositors of Central Bank of Kansas City. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage, the FDIC said in a statement late Friday. Customers should continue to use their existing branch until Central Bank of Kansas City can fully integrate the deposit records of Gateway Bank of St. Louis.
Over the weekend, depositors of Gateway Bank of St. Louis will be able to access their money by writing checks or using ATM or debit cards, the FDIC said. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of September 25, 2009, Gateway Bank of St. Louis had total assets of $27.7 million and total deposits of approximately $27.9 million. Central Bank of Kansas City did not pay the FDIC a premium for the deposits of Gateway Bank of St. Louis. In addition to assuming all of the deposits of the failed bank, Central Bank of Kansas City agreed to purchase essentially all of the assets.
Customers who have questions about Friday's moves can call the FDIC toll-free at 1-800-405-8124. The phone number will be operational on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million.  Email this story to a friend
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