American Sterling Bank
Encyclopedia
American Sterling Bank was a financial company engaged primarily in retail banking
, mortgage
banking, business finance and providing automated teller machine
and merchant processing services.
, Sugar Creek
, Blue Springs
, Carefree
, and Foothill Ranch.
On April 17, 2009, regulators shut down American Sterling Bank, marking the 25th bank failure of the year as the credit crunch continued to spread through the economy. American Sterling Bank had $181 million in total assets and $171.9 million in total deposits as of March 20, according to the Federal Deposit Insurance Corporation
(FDIC). The FDIC said Metcalf Bank of Lee's Summit, Missouri
would assume the failed bank's deposits. The FDIC estimated the failure of American Sterling Bank would cost its deposit insurance fund $42 million.
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
, mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
banking, business finance and providing automated teller machine
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and merchant processing services.
History
The bank was established in 1907, and had full service banking offices serving Kansas CityKansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
, Sugar Creek
Sugar Creek, Missouri
Sugar Creek is a city in Clay and Jackson counties in the U.S. state of Missouri. The population was 3,839 at the 2000 census.-Geography:Sugar Creek is located at ....
, Blue Springs
Blue Springs, Missouri
Blue Springs is a city in Jackson County, Missouri and is a satellite city of Kansas City, Missouri. As of the 2010 census the population at 52,575.- Geography :...
, Carefree
Carefree, Arizona
Carefree is a town in Maricopa County, Arizona, United States. According to 2006 Census Bureau estimates, the population of the town is 3,799.-History:...
, and Foothill Ranch.
On April 17, 2009, regulators shut down American Sterling Bank, marking the 25th bank failure of the year as the credit crunch continued to spread through the economy. American Sterling Bank had $181 million in total assets and $171.9 million in total deposits as of March 20, according to the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC). The FDIC said Metcalf Bank of Lee's Summit, Missouri
Lee's Summit, Missouri
Lee's Summit is a city in the U.S. state of Missouri, and is contained within the counties of Jackson and Cass. As of the 2010 census found the population at 91,364 making it the sixth-largest city in the Kansas City Metropolitan Area and the sixth-largest city in Missouri...
would assume the failed bank's deposits. The FDIC estimated the failure of American Sterling Bank would cost its deposit insurance fund $42 million.