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COLUMBUS Just two days after it was announced the local Stanley

Bank Branch would be closing its doors Nov. 30, the branch was sold

to Labette Bank, of Altamont.

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According to joint release from Labette Bank President M.W. "Bill"

Wyckoff and Stanley Bank President Joe Jackson, the acquisition

will be finalized once regulatory approval is

received.

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"Stanley Bank and Labette Bank share a strong commitment to

servingthe banking needs of our comunities," Wykoff said in the

release. "We are pleased to be able to grow our banking franchise

with this established location."

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Jackson agreed.

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"Customer service is important to Stanley Bank," he said in the

statement. "We believe that the Labette Bank will provide our

customers in this location with the level of service they

deserve.

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"Labette Bank is commited to our realtionship-oriented style of

doing business. We look forward to working with them to provide a

seamless transition for our customers."

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Labette Bank has branches in Parsons, Pittsburg, McCune, Oswego,

Cherokee, Frontenac, LaCygne, Pleasanton and Altamont and has

assets in excess of $300 million.

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The reasons for the closure of the branch were listed in a previous

news release as situations which had been "aggravated by the

federal government."

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The release cited among other reasons $527,000 assessed against the

bank by the FDIC for big bank subprime loans, even though Stanley

Bank made no such loans, new regulation costs, the fact federal

deficit spending is "not set to be addressed for at least two

years," and the "Federal Reserve monetary policy is unlikely to

change for at least two years."

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The paperwork for the sale is now awaiting only regulatory approval

Wyckoff said Tuesday.

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Wyckoff said the closing documents for the sale were signed Tuesday

morning and pending federal approval, the take over should be

complete by December.

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He also said Labette Bank is not anticipating making many changes

to the branch in Columbus.

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"The only change you should see down there is the sign," he

said.

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Wyckoff said the process of buying a bank usually takes months but

in this case "we're going to have an agreement finished in less

than a month.

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"We're so thrilled to have Columbus as part of our banking family,"

he said. "This is something we've wanted for a long

time."