Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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Question and Answer Guide
Gateway Bank of St. Louis, St. Louis, MO

FDIC Call Center
Toll free number 1-800-405-8124
Hours of Operation – Central Time
Friday, November 6, 2009:   Until 9:00 p.m.
Saturday, November 7, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, November 8, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.

On November 6, 2009, Gateway Bank of St. Louis, St. Louis, MO was closed by the Missouri Division of Finance. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Central Bank of Kansas City (Central Bank), Kansas City, MO acquired all the deposits and most of the assets of Gateway Bank of St. Louis from the FDIC as Receiver for Gateway Bank of St. Louis. Any claims by equity holders were not acquired.

The total balance in your account(s) has been transferred to Central Bank and will be available for transactions during regular business hours at the former Gateway Bank of St. Louis branch starting on November 7, 2009.

You may continue to use your same checks, ATM cards and debit cards until notified.

All Direct Deposits, including Social Security checks, will continue as usual.

Account(s): What about my account with Gateway Bank of St. Louis?

If you had an account with Gateway Bank of St. Louis, you now have an account with Central Bank of Kansas City (Central Bank), Kansas City, MO. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Central Bank, regardless of the dollar amount. No one lost any money on deposit in Gateway Bank of St. Louis.

Customers of both banks should continue to use their existing branches until Central Bank can fully integrate the deposit records of Gateway Bank of St. Louis.

To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or Central Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Gateway Bank of St. Louis or the FDIC.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Gateway Bank of St. Louis?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?

As an All-Deposit Transfer transaction, the total of all deposit accounts have been assumed by Central Bank.

Be advised, that from and after the date of closing, Central Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Central Bank shall permit depositors, including deposit brokers, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.

If you are a customer who has a Gateway Bank of St. Louis deposit through a broker, you must contact your broker with any questions.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at Central Bank: I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Central Bank will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Interest on all deposits accrued through November 6, 2009, will be paid at your same rate. Central Bank will review rates and notify you if interest rates will change. Your interest rate may be reduced since your deposit contract with Gateway Bank of St. Louis did not pass to Central Bank.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.

Loans/mortgages: What about my loan or mortgage with Gateway Bank of St. Louis?

All mortgages and loans have been assumed by Central Bank. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to Gateway Bank of St. Louis and send your payments to the same address.

Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

Greg Hernandez

Outstanding Checks: What about checks that I have written on my account with Gateway Bank of St. Louis?

Your checks will clear up to the available balance in your account.  You can continue to use your existing checks.

Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

Shareholders: What about my shares of stock?

All shares of Gateway Bank of St. Louis were owned by its holding company, Gateway Bancshares Inc., St. Louis, Missouri. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Gateway Bancshares Inc., please do not contact or file a claim with the Receiver. You may contact Gateway Bancshares Inc., directly for information as follows:

Gateway Bancshares Inc.
3412 N. Union Boulevard
St. Louis, MO 63115

Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.

Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All claims against Gateway Bank of St. Louis, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Federal Deposit Insurance Corporation
Receiver: Gateway Bank of St. Louis
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

Last Updated 08/22/2012 cservicefdicdal@fdic.gov