Ailing Missouri CU Cleared To Serve All Of St. Louis
ST. LOUIS – State regulators last week approved an application from ailing Gateway Regional CU to expand and serve all 1.3 million residents of St. Louis County and the city of St. Louis.
The $37 million credit union has reported losses each of the last three years, but had a slight net of $79,000 for the first quarter of 2011. But the state’s Division of CUs said it found that the credit union is well capitalized.
Under state regulations, the Division of CUs determined that St.Louis County is the credit union’s headquartered county and that City of St. Louis is contiguous to St. Louis County.