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Missouri: Regional Missouri Bank Assumes Deposits of Glasgow Savings Bank

 

July 16 - Glasgow Savings Bank, Glasgow, Mo., has been closed by the Missouri Division of Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regional Missouri Bank, Marceline, Mo., to assume all of the deposits of Glasgow Savings Bank.

As of March 31, 2012, Glasgow Savings Bank had approximately $24.8 million in total assets and $24.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Regional Missouri Bank agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-822-1918.  Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/glasgow.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $0.1 million. Compared to other alternatives, Regional Missouri Bank's acquisition was the least costly resolution for the FDIC's DIF. Glasgow Savings Bank is the 33rd FDIC-insured institution to fail in the nation this year, and the first in Missouri. The last FDIC-insured institution closed in the state was Sun Security Bank, Ellington, on Oct. 7, 2011.



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