Purchase of Assets of BC National Banks through FDIC
(BUTLER, MO-April 30, 2010) – Community First Bank, headquartered in Butler, MO, announced today that it has entered into a Purchase and Assumption Agreement with loss share arrangements with the Federal Deposit Insurance Corporation (“FDIC”) to purchase substantially all of the assets and to assume substantially all of the deposits and other liabilities of BC National Banks (“BC National”) with offices in the communities of Butler, Peculiar, and Lee’s Summit, Missouri.
After the close of business on Friday, April 30, 2010, the Office of the Comptroller of the Currency (“OCC”) declared BC National insolvent and the FDIC accepted receivership of BC National. Deposits are fully insured and readily available. Former BC National customers will be able to conduct banking business as usual and can access their money by writing checks, using ATMs, debit cards or the Internet. Checks drawn on the bank will continue to be accepted. Loan customers should also continue to make their payments as usual. All BC National locations will reopen as branches of Community First Bank at normal banking hours.
Glenn R. “Rusty” Hamilton, CEO of Community First Bank commented, “We are pleased to welcome BC National customers to the Community First Bank family and want to assure all customers of BC National that all of their deposits are safe and accessible. We chose to assume all deposits; therefore, even customers with deposit amounts over the FDIC insurance limit will not lose any portion of their deposits.”
He continued, “They will have the best financial products and exceptional customer service. As a hometown community bank strongly focused on financial strength, relationships and service, we look forward to getting to know our new customers from BC National. We feel that strong banking makes for strong communities and look forward to the opportunity to support the customers of BC National going forward.”
BC National deposit customers will receive a letter providing additional details concerning their accounts and are encouraged to visit www.communityfirstbank.net or call 660-679-3135 for additional information.
Community First Bank is a full service, locally owned, community bank, headquartered in Butler, Missouri, with a branch office in Appleton City, Missouri.
Customers who have questions about today’s transaction can call the FDIC toll free at 1--1-800-894-2013. This number will be in operation Friday until 9:00 pm, central; Saturday from 9:00 am to 6:00 pm, central; and Sunday from Noon to 6:00 pm, central and thereafter from 8:00 am to 8:00 pm, central.