American Sterling Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1934 |
| Defunct | 2009-04-17 |
| Fate | Closed by FDIC; assets transferred to Metcalf Bank |
| Headquarters | Sugar Creek , United States |
American Sterling Bank operated as a bank located in Sugar Creek, Missouri. On April 17, 2009, the Federal Deposit Insurance Corporation intervened and closed the bank due to bank failure, subsequently transferring its assets to Metcalf Bank.
History
The bank was originally established in 1934 under the name Bank of Levasy. It experienced multiple rebrandings over the years: becoming Sugar Creek National Bank in 1963, then Sterling National Bank in 1983, and adopting the name American Sterling Bank in 1998.
The FDIC projected that the collapse of the bank would result in a $42 million loss to its deposit insurance fund. In January 2010, the Federal Housing Administration initiated an inquiry into the bank’s loan portfolio following elevated claim rates on its mortgage insurance program. By March 2010, the Office of Thrift Supervision prohibited former CEO Michael Thompson along with four board members from engaging in banking activities without prior authorization, due to their involvement in fabricating capital contributions and submitting false financial statements.