Gateway Bank of St. Louis, St. Louis, 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 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.
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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million.
Gateway Bank of St. Louis is the 119th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was First Bank of Kansas City, Kansas City, on September 4, 2009.
Check all the banks failed in Missouri at : Missouri Bank Failures
The FDIC press release is available here.
Tags: 119th Bank Failures, 2009 Failed Banks, bank failures, Central Bank of Kansas City, Failed Bank 119, Failed Banks, Failed Banks 2009, Failed Banks in Missouri, Failed Banks November, Failed Banks November 6, FDIC, Friday Failures, Gateway Bank of St. Louis, Missouri Bank Failures
