- Press Release Announcing Branch Sale
New Frontier Bank to Sell 5000 WingHaven Blvd, O'Fallon, Missouri Branch to Peoples Savings Bank of Rhineland.
New Frontier Bank and Peoples Savings Bank of Rhineland today announced the execution of a definitive agreement for Peoples Savings Bank of Rhineland to purchase the 5000 WingHaven Blvd., O'Fallon, MO branch. The transaction has received regulatory approval and is expected to close October 16th, 2013.
The transaction will result in the sale of the real estate of the WingHaven branch and the transfer of approximately $15 million in deposits to Peoples Savings Bank of Rhineland. Certain assets related to the branch will be acquired as a part of the transaction.
Kris Weidenbenner, CEO of New Frontier Bank, stated, "New Frontier Bank has made considerable progress resolving problem loans that occurred due to the economic downturn during the last couple years. The sale of the WingHaven branch supports our effort to further improve our capital ratios and future profitability. Peoples Savings Bank of Rhineland is gaining an outstanding group of employees and customers. Between now and the closing date, the New Frontier Bank and Peoples Savings Bank of Rhineland teams will work closely together to assure a smooth transition for the affected customers and employees. New Frontier Bank looks forward to continuing to serve the St. Charles County community."
The WingHaven branch noted above will continue to operate as New Frontier Bank until the transaction is completed. Beginning October 16, 2013, the WingHaven branch will become part of Peoples Savings Bank of Rhineland. Both banks will continue collaborating to ensure a smooth transition for the businesses and individuals they serve.
Mark Laune, CEO/President of Peoples Savings Bank state, "The opportunity to acquire the WingHaven branch from New Frontier Bank is a natural fit in terms of our evolution in St. Charles County. We are thrilled to find a good cultural fit with our Community Bank profile with this branch and location. We feel this transaction provides good long-term value for shareholders."
About New Frontier Bank
New Frontier Bank is a community focused bank offering commercial, small business banking, and consumer products and services. Founded in 1999 and based in Saint Charles County, New Frontier Bank has approximately $100 million in assets. Learn more about us at www.newfb.com.
About Peoples Savings Bank
Peoples Savings Bank is a Community Bank founded in 1935 with branches located in Montgomery, Gasconade, Franklin and St. Charles counties. After this transaction, Peoples Savings Bank will have assets of approximately $200 million. Learn more about PSB at www.ourpsb.com.
- New Frontier Bank is happy to announce that Matt Waldrop, Registered Representative with ING Financial Partners, is joining our team to assist you
with all your financial planning needs. As your new financial planner, Matt can help you build, preserve and transfer your wealth to your loved ones efficiently. He looks forward to working with you to manage your income and assist you in achieving your current and future financial goals. Matt Waldrop graduated from the University of Missouri-Columbia in 2002 with a degree in Consumer and Family Economics and an emphasis in Personal Financial Planning. He is a Partner with Waldrop Financial and has been helping clients achieve financial independence for over 10 years. Matt specializes in individual and small business retirement income planning, tax saving strategies and estate plannning. Through face-to-face meetings, Matt is able to recommend products based on your individual situation. To suit your needs, he has access to products that provide alternatives to low rates and risky investments.
- New Frontier Bank is excited to announce that we are now offering Mobile Banking with free enrollment thru January 31, 2013. After January 31, 2013, a one-time fee of $5 will be debited from your deposit account for each mobile device enrolled. Mobile Banking is the latest product that will enable customers to manage their accounts anywhere at anytime. Through Mobile Banking, customers will be able to view account balances, search account activity, transfer funds and receive account alerts. Customers can conveniently access Mobile Banking using the New Frontier Bank App, Mobile Web and Text Banking.Mobile Banking does not have any monthly or annual service charges. However, there may be charges by the wireless phone carrier associated with text messaging and data usage on the mobile device -- contact your carrier for more information. It is important that the mobile device be secured and, at a minimum, contain protection software -- contact your carrier for information about the best method to protect your device from malware of any kind.
- Kris Weidenbenner Appointed to St. Charles City-County Library Foundation Board of Directors
- Kris Weidenbenner Appointed to United Way of Greater St. Louis Tri-County Auxilliary Board of Directors
- Fraudulent Communications Using the FDIC Name
The FDIC is reminding consumers and businesses to be on guard against letters, e-mails and faxes from con artists who misuse the agency’s name and logo to trick recipients into sending money or divulging personal information. Among the recent examples are letters falsely claiming to offer FDIC protection against investment losses in exchange for an up-front payment, and e-mails falsely saying that a consumer’s bank has failed and asking the person to download a form (which could result in identity theft).
“The scammers are doing anything to make their mailings look authentic, even including fake signatures of FDIC officials,” said Matthew Alessandrino, the FDIC’s Assistant Inspector General for Investigations.
- New Option for Direct Deposit of Tax Refunds: Buying a Savings Bond
Since 2007, taxpayers wanting to receive their federal income tax refund by direct deposit have had the option to split their refund among up to three different accounts and three different U.S. financial institutions. But starting in early 2010, the Internal Revenue Service will give taxpayers an additional savings option-the ability to use their refunds to purchase a U.S. Savings Bond on their tax return, without having to open an account at the U.S. Treasury Department or take other action. The change will give taxpayers another easy way to save their tax refunds and benefit from the speed and safety of direct deposit.