American Sterling Bank

American Sterling Bank was a United States banking institution based in Sugar Creek, Missouri. Its institutional history began in 1934, when it was established as Bank of Levasy. The bank subsequently changed its name several times as its business developed: it became Sugar Creek National Bank in 1963, Sterling National Bank in 1983, and American Sterling Bank in 1998. These successive names represent the documented stages of the same banking organization rather than unrelated institutions with similar names. The bank operated as a conventional American banking institution, although the available reference material does not provide enough detail to reconstruct its branch network, customer base, product mix, balance sheet, ownership structure, or geographic footprint. It is therefore best understood as a regional or community-oriented bank associated with Missouri rather than as a nationally prominent financial-services group. No reliable information in the supplied material identifies a founder, a parent company, a public listing, or a continuing successor brand. American Sterling Bank ceased operating after a bank failure during the United States financial crisis period. On April 17, 2009, the Federal Deposit Insurance Corporation closed the bank and arranged for its assets to be sold to Metcalf Bank. The FDIC estimated that the failure would cost its deposit insurance fund approximately $42 million. This figure describes the estimated cost to the deposit insurance fund, not the bank's revenue, valuation, or total assets. The bank's post-failure legacy also included regulatory scrutiny of loans connected with the Federal Housing Administration's mortgage-insurance program. In January 2010, the Federal Housing Administration began examining loans made by the bank after those loans generated unusually high claim rates against the FHA insurance program. In March 2010, the Office of Thrift Supervision issued a prohibition order against Michael Thompson, the bank's former chief executive officer, and four former board members. According to the supplied reference, the agency concluded that Thompson had facilitated the recording of four fictitious capital contributions and the submission of inaccurate Thrift Financial Reports. The available material does not identify the four board members by name or provide a fuller account of any subsequent proceedings. American Sterling Bank is consequently a defunct Missouri banking brand whose documented history spans several names, ends with an FDIC-assisted closure in 2009, and includes subsequent regulatory attention concerning mortgage lending and financial reporting. Details about its ordinary banking products, management beyond Thompson, and operations before failure remain insufficiently documented in the supplied sources.

American Sterling Bank's documented institutional history begins in 1934, when the bank was established under the name Bank of Levasy. The supplied reference does not identify the founders, the initial capitalization, or the circumstances surrounding its creation, but it places the institution in Missouri and ultimately identifies Sugar Creek as its base. The organization changed names several times over the following decades. In 1963, Bank of Levasy became Sugar Creek National Bank. In 1983, it adopted the name Sterling National Bank. In 1998, it was renamed American Sterling Bank. The sequence indicates a continuing banking institution whose public identity evolved over time; the available material does not establish whether the changes reflected relocations, changes in charter, ownership transactions, or broader strategic repositioning. American Sterling Bank remained in operation until April 17, 2009. On that date, the Federal Deposit Insurance Corporation closed the bank as a consequence of a bank failure. Its assets were sold to Metcalf Bank. The FDIC estimated that resolving the failure would cost its deposit insurance fund $42 million. The supplied reference does not provide the bank's asset total, deposit total, number of branches, number of employees, or the detailed terms of the transaction. Following the closure and asset sale, American Sterling Bank no longer operated as an active bank. The institution's affairs continued to attract regulatory attention after its failure. In January 2010, the Federal Housing Administration began investigating loans originated by the bank after those loans generated substantially high claim rates against the FHA's mortgage-insurance program. The reference does not specify the number or value of the loans under review, the final disposition of the FHA investigation, or whether any recovery was obtained. In March 2010, the Office of Thrift Supervision issued an order against Michael Thompson, identified as the bank's former chief executive officer, and four of its former board members. The order prohibited them from participating in the banking industry without prior regulatory approval. The agency found that Thompson had facilitated the recording of four fictitious capital contributions and the filing of inaccurate Thrift Financial Reports. The supplied material does not name the four board members and does not provide additional findings concerning their individual conduct. The available record therefore presents American Sterling Bank as a Missouri banking institution with roots in 1934, four documented operating names, a failure and FDIC resolution in 2009, and post-failure regulatory proceedings related to lending and financial reporting. Information about its ordinary products, governance history, financial performance, ownership, and customer operations is not sufficiently documented in the supplied reference to support further specific claims.

• 2010

  Post-failure regulatory investigations and prohibition order

  [1]American Sterling Banken.wikipedia.org

  The FHA investigated loans associated with the bank, and the Office of Thrift Supervision later issued a prohibition order against its former CEO and four former board members.

• 2009

  Closed by the FDIC

  [1]American Sterling Banken.wikipedia.org

  The FDIC closed American Sterling Bank on April 17 after a bank failure and sold its assets to Metcalf Bank.

• 1998

  Adopted the American Sterling Bank name

  [1]American Sterling Banken.wikipedia.org

  The institution was renamed American Sterling Bank, the final documented name in its operating history.

• 1983

  Renamed Sterling National Bank

  [1]American Sterling Banken.wikipedia.org

  The bank changed its name from Sugar Creek National Bank to Sterling National Bank.

• 1963

  Renamed Sugar Creek National Bank

  [1]American Sterling Banken.wikipedia.org

  The institution adopted the name Sugar Creek National Bank.

• 1934

  Established as Bank of Levasy

  [1]American Sterling Banken.wikipedia.org

  The banking institution that later became American Sterling Bank was established under the name Bank of Levasy.

• 2010

  FHA investigation of loan claims

  The Federal Housing Administration investigated loans made by American Sterling Bank after the loans incurred significantly high claim rates against the FHA mortgage-insurance program.

  Source

• 2010

  Office of Thrift Supervision prohibition order

  The Office of Thrift Supervision prohibited former CEO Michael Thompson and four former board members from participating in the banking industry without prior regulatory approval. The agency cited fictitious capital contributions and inaccurate regulatory reports.

  Source

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• 2009

  FDIC resolution and asset saleOther

  Background

  American Sterling Bank failed during the period in which the FDIC was resolving troubled U.S. banks.

  Action taken

  The FDIC closed the bank on April 17, 2009, and sold its assets to Metcalf Bank.

  Aftermath

  American Sterling Bank ceased operating. The FDIC estimated that the failure would cost its deposit insurance fund $42 million.

  Estimated cost to the FDIC deposit insurance fund. $42 million estimated resolution cost (April 17, 2009)

  Source

• 2009

  FDIC closes American Sterling Bank and sells its assets to Metcalf Bank[1]American Sterling Banken.wikipedia.org

  Other · M&A

  The Federal Deposit Insurance Corporation shut down American Sterling Bank on April 17, 2009, following a bank failure. The bank's assets were sold to Metcalf Bank, and the FDIC estimated a cost of approximately $42 million to its deposit insurance fund.

1. 1American Sterling Banken.wikipedia.org