Valley View Bancshares in Overland Park, Kan., is planning to discontinue its longstanding practice of having multiple bank charters.
The $3.2 billion-asset company has applied with the Federal Deposit Insurance Corp. to merge its seven banks under a single charter, according to the
Security would absorb the Valley View State Bank, Mission Bank in Mission Kansas, First Bank of Missouri in Gladstone, Mo., Bank of Lee's Summit, Industrial State Bank and Citizens State Bank of Paola.
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Executives at companies such as Fulton Financial Corp. and Synovus Financial Corp. say they have not given up on their longtime models, but many say the strategy of using lots of charters and letting front-line managers make tough decisions might become another casualty of the financial crisis.
November 22 -
Zions Bancorp. in Salt Lake City will consolidate its seven bank charters into one and create the position of chief banking officer to cut costs and improve returns.
June 1 -
Glacier Bancorp Inc. in Kalispell, Mont., is planning to collapse its 11 bank subsidiaries into a single commercial bank in a move aimed at streamlining its operations and lowering its overall compliance costs.
January 19
The banks have been operating as BankAbility Network since 2007.
The company believes the time is right to "consolidate the brand and let the market know that we are one of the largest banking institutions" in Kansas City, Jim Lewis, Security Bank's chief executive, told the Kansas City Business Journal.
Other banks, including Zions Bancorp. and Glacier Bancorp, have consolidated charters in recent years.
