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Metcalf Bank takes over American Sterling Bank

April 20, 2009

Missouri based American Sterling Bank" href="/financial/american-sterling-bank.htm">American Sterling Bank which has been taken over by the Federal Office of Thrift Supervision Friday afternoon, opened Monday under Metcalf Bank. Metcalf Bank assumed all deposits of the failed bank. The depositors of American Sterling Bank will automatically become depositors of Metcalf Bank. Officials said the customers will face no operational changes and they can use existing branches till Metcalf Bank integrates the deposit records of American Sterling Bank.

As per the FDIC estimates, the failure of American Sterling Bank and the further acquisition will cost taxpayers $42 million. American Sterling Bank was the 24nd FDIC-insured institution to fail in 2009. The FDIC's estimated total cost to its deposit insurance fund for the bank failures during the first quarter of this year was $2.3 billion.

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