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.
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.
"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."
"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.
"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."
Labette Bank has branches in Parsons, Pittsburg, McCune, Oswego, Cherokee, Frontenac, LaCygne, Pleasanton and Altamont and has assets in excess of $300 million.
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."
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."