American Sterling reopened as Metcalf Bank on Monday
By Curtis Riggs | April 22, 2009
Deposits at Carefree branch safe
CAREFREE – American Sterling Bank in downtown Carefree reopened as Metcalf Bank on Monday morning after federal regulators closed all American Sterling banks nationwide on Friday, April 17.
Metcalf Bank is headquartered out of Lee Summit, Mo.
Jay W. Coakley, a senior vice president with Central Bancompany, Inc., the bank holding company, which includes the new Metcalf Bank, said the holding company purchased all of American Sterling Bank’s loans and deposits late last week. All Metcalf Bank deposits up to $250,000 are insured by the F.D.I.C.
Central Bancompany has $9 billion in assets as a bank holding company and operates 13 banks in the Midwest.
Metcalf Bank also took over three American Sterling branches in the Kansas City area over the weekend.
“The F.D.I.C. contacted us about the purchase,” he said. Metcalf Bank was a natural to take over American Sterling because of its presence in the Kansas City area.
He does not “envision” bringing in a new team to run the Metcalf Bank branch in Carefree. “I am very impressed with the three employees,” he said.
He added that an audit of bank records, which took place over the weekend, went well.
“The bank records and controls were good,” he said.
Photo: American Sterling Bank in downtown Carefree reopened as Metcalf Bank on Monday after federal regulators closed all American Sterling branches nationwide late last week.
Photo by Curtis Riggs