Glasgow Savings Bank, Glasgow, Missouri, is the 33rd FDIC-insured institution to fail in the nation this year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $0.1 million.
Glasgow Savings Bank, Glasgow, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regional Missouri Bank, Marceline, Missouri, to assume all of the deposits of Glasgow Savings Bank.
The sole branch of Glasgow Savings Bank will reopen on Saturday as a branch of Regional Missouri Bank. Depositors of Glasgow Savings Bank will automatically become depositors of Regional Missouri Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Glasgow Savings Bank should continue to use their existing branch until they receive notice from Regional Missouri Bank that it has completed systems changes to allow other Regional Missouri Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Glasgow Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
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 today’s transaction should call the FDIC toll-free at 1-800-822-1918. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT.
If you should have any further questions please do not hesitate to visit the FDIC webpage for Glasgow Savings Bank.