August 26, 2004

Bank of Kirksville Seeking To Purchase MCM Savings

The financial institute is seeking FDIC approval to buy the Memphis Branch of MCM Savings Bank.

With the opening of the Scotland County Pharmacy and Little Fox Outdoors Shop this year, the south side of the Memphis square is once again full. That may change if a proposed purchase of the Memphis Branch of MCM Savings Bank is approved by the Federal Deposit Insurance Corporation (FDIC).

The Bank of Kirksville, which operates a branch bank in Memphis just three doors down on the southwest corner of the square, has applied to the FDIC for written consent to acquire the assets and assume the liability to pay deposits of the MCM Savings Bank branch in Memphis.

The filing for the bank merger is subject to FDIC approval and allows public comment to be made regarding the transaction to the FDIC at its Kansas City regional office. Mail comments to Regional Director (DOS) of the FDIC at 2345 Grand Blvd., Suite 1200, Kansas City, MO 64108. The deadline for comments is September 15.

The non-confidential portions of the application are available for public inspection during regular business hours. Photo-copies of this information will be made available to interested parties upon request.

Bank of Kirksville C.E.O. Norman Belitz stated it was too early in the process to comment on the bank’s plans. He indicated the banks must wait on the regulatory process to be finalized September 15, at which time, if approved by the FDIC, the banks can begin finalizing the transaction.

Belitz stressed that this application only involved MCM Savings Bank’s branch office in Memphis. He stated he would make more information available regarding plans for the bank once the regulatory process was completed and the transaction between the two corporate offices was finalized.

Bank of Kirksville has expanded into the surrounding area in recent years opening the Memphis Branch more than a decade ago and purchasing the bank in Downing more recently.

MCM Savings Bank, which is headquartered in Hannibal, also maintains branch banks in Palmyra, Monroe City, Shelbina and Bowling Green.

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