BALLWIN, Mo. – Citing the increasing need for municipal security, the board of aldermen in this suburb of St. Louis last week voted for a six-month moratorium on new applications for any financial institutions.
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Some of the seven aldermen also cited the proliferation of payday loan facilities, as well as the growing need for police services. The action comes on the heels of an armed robbery last month of a payday loan shop here.
Among the financial institutions located in Ballwin are: Holy Infant CU, a CU Service Centers shared branch, and seven payday loan shops.
