New book by Larry Connors Click here Improve your trading - See how
Citizens acquired the nine branches of Columbian Bank and Trust Co., including two in Overland Park and one in Leawood, after state officials closed Columbian late Friday.
"We had kind of been looking for a place to begin some business from in Johnson County and had looked at some options," said Ed Place, chief financial officer of the $1 billion Citizens Bank. "What the Columbian transaction gives us is a good platform to grow from."
Citizens, already large in northeast Missouri, also picked up Columbian's five Topeka branches though it hadn't targeted that market, Place said. But it took the opportunity as it came.
"It's not hard to draw that triangle to ... Topeka," he said.
It also gained a small Lee's Summit branch in a winning bid to the Federal Deposit Insurance Corp.
Citizens reopened the former Columbian branches a half hour early Monday. Although there was a steady stream of customers with questions, the day proved uneventful.
Citizens acquired the failed bank's insured deposits and the nine branches from the FDIC.
Citizens Bank operated at 20 locations in Missouri, including four in Kansas City's Northland, before Friday's purchases from the FDIC.
Depositors of the failed bank automatically became Citizens Bank customers but the FDIC retained all of the failed bank's loans without offering them to Citizens.
FDIC spokesman Dave Barr said the agency stands ready to complete pending loans and draws on existing loans that are viable. FDIC officials reviewed those transactions over the weekend when Columbian's branches remained closed.
Barr urged those Columbian customers to contact the FDIC about loans.
He said officials would be in the branches for a few days. Existing borrowers should continue to make loan payments as usual.
Depositors with balances above the $100,000 FDIC insurance limit were asked to contact the agency at 800-523-8209. The FDIC said as many as 610 accounts with potentially uninsured balances would share in its estimated $60 million loss from the closing.
Kansas banking officials closed Columbian after finding it would be unable to meet depositors' normal withdrawals. The problem surfaced when the bank lost several large deposit accounts, said Tom Thull, the state's banking commissioner.
Columbian also had suffered from increasing loan problems and foreclosed real estate.
To reach Mark Davis, call 816-234-4372 or send e-mail to mdavis@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2008, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
