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Missouri Bankers Association appeals FOM expansion approval with court

JEFFERSON CITY, Mo. - Five months after the Missouri Bankers Association and Century Bank of the Ozarks failed in their first attempt to appeal the Division of Credit Unions director's decision to approve a field-of-membership expansion request from Springfield Telephone Employees Credit Union, the MBA and Springfield-area bank have filed...

By Staff Writer | Updated on September 25, 2001

JEFFERSON CITY, Mo. – Five months after the Missouri Bankers Association and Century Bank of the Ozarks failed in their first attempt to appeal the Division of Credit Unions director’s decision to approve a field-of-membership expansion request from Springfield Telephone Employees Credit Union, the MBA and Springfield-area bank have filed another petition to appeal. This time their petition has been filed with the Cole County Circuit Court. They are seeking administrative review of the Credit Union Commission’s decision to uphold Director John Smith’s decision. Director Smith approved STECU’s FOM expansion request in October 2000, and the MBA and Century Bank of the Ozarks appealed that decision to the Credit Union Commission in November. The commission heard the appeal in March 2001 and released its decision upholding the director’s decision on May 24.

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