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Passing the banking torch

Passing the banking torch

Central Bank prepares for Bank Star One acquisition

May 2nd, 2017 by Connor Pearson in Local News

Bank Star One customers will soon be saying goodbye to their old, and hello to the new.

"We are in the process of converting all the Bank Star One accounts over to Central Bank," President and CEO of Central Bank Dave Minton said. "Everything will stay the same until July 15, that is our target date for conversion."

In February, Missouri-based Central Bank bought Bank Star One, which has locations in Fulton, New Bloomfield and Lake of the Ozarks. Minton said the Fulton and Lake of the Ozarks branches will be folded into nearby Central Bank locations.

"New Bloomfield's location will remain open, it will just be called Central Bank," he said. "We are also looking at expanding hours at that location. The Fulton and Lake of the Ozarks locations are just too close in proximity (to Central Bank locations), and will close."

Current Bank Star One customers, Minton said, will gain access to a suite of new resources after the conversion.

"They will have enhanced online and mobile services though Central Bank," he said. "They will also have an expanded network of banks and ATMs. We have branches all over Central Missouri, and Bank Star One customers will be able to use any of those branches."

Customers who may be concerned about their bank loosing its local feel need not worry, Minton said.

"The management of the banks stays local," he said. "The staff makes its own loan decisions, and will be run by local management. It will be the same at the Lake of the Ozark location."

Minton said Bank Star One customers can continue to use their checks, at least for now.

"We are trying to reach out to customers, and our business customers, about the fact their accounts will still work," he said. "In about a year following the conversion, they will need to switch over to Central Bank checks."

Central Bank is ready to take the torch Bank Star One is passing, Minton said.

"We are very excited about the acquisition," he said. "Bank Star One runs a very good bank, and we are pleased to move into those shoes in that regard."