Please join us Wednesday, December 11 for hot apple cider,
cookies and giveaways. We want to wish everyone a wonderful
Holiday Season and say "thank you" to the communities we serve.
We will also host a Chamber Coffee at 10:00 a.m. that same day
to celebrate our name change to "Century Bank" and our formal
approval of State Bank Conversion.
The City National Bank of Shenandoah has announced they have applied for conversion to a state charter, subject to regulatory approval. If approved, the Iowa Division of Banking and the Federal Deposit Insurance Corporation (FDIC) will be the Bank's primary regulators.
According to Greg Ritchey, President, "Supervision by a state regulator may provide a better understanding of the local market and unique opportunities and challenges associated with rural community bankers."
Mike Bauer, Senior Vice President, added "We had a very good relationship with the OCC, but in the end, the differences between National and State charters have been eliminated to the point that a state charter provides the same benefits, more local understanding, and improved cost effectiveness. Most importantly, we think it will be better for our customers in the long run."
If the application is approved, the one downside is the need to change the Bank's name. Ritchey stated "The choice to change charters was only difficult in regard to the fact that we would have to change names. The "City National" name has been a tradition since the early 30's and we regret losing that. However, in 2014, we will celebrate a 100 years of family involvement in the Bank, and that lead us to the name "Century Bank."
"Conversion to a state charter will not result in any change in the Bank's operation or the products or services we offer," Ritchey added.
If approved, the conversion is expected to become effective December 11, 2013.
****IF THE CONVERSION IS APPROVED, ACCOUNT AND ROUTING NUMBERS WILL STAY EXACTLY THE SAME. CHECKS, DEBIT CARDS AND ATM CARDS CAN BE USED UNTIL THEY EXPIRE OR RUN OUT. PLEASE CONTACT THE BANK FOR ANY QUESTIONS OR CONCERNS****