Metcalf Bank’s assurances after ASB takeover not very assuring

By Linda Bentley | April 29, 2009

‘It has been determined that according to regulation Metcalf Bank
cannot operate as a thrift bank’

American Sterling BankCAREFREE – American Sterling Bank (ASB) of Sugar Creek, Mo., with a branch located in Carefree at 11 Sundial Circle, reopened on Monday, April 20 as Metcalf Bank of Lee’s Summit, Mo. after the Office of Thrift Supervision (OTS) ordered ASB to “cease and desist” on Friday, April 17, citing the bank kept “inaccurate books” and failed to comply with banking regulations as well as its own policies and procedures.

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