Nevada County Picayune and Gurdon Times Newspaper Archive

Agency Approves Federal Savings Bank

FB BanCorp received formal approval April 12 from the Office of Thrift Supervision, the federal agency that regulates federal savings banks, to establish a de novo federal savings bank. FB BanCorp has also submitted an application with the Federal Deposit Insurance Corp. for deposit insurance.

The new Farm Bureau Bank, FSB, will initially offer consumer banking services to Arkansas Farm Bureau Federation members and Farm Bureau members in 38 other states across the U.S., collectively serving more than three million members. Farm Bureau Bank will coordinate the delivery of its products and services with insurance and other membership services currently available to Farm Bureau members.

"Farm Bureau Bank represents an exciting new opportunity for members and their families," says Andrew Whisenhunt of Bradley, Arkansas Farm Bureau president and member of FB BanCorp's board of directors. "Today, our members benefit from many membership, insurance and financial services. We look forward to adding banking to a long tradition of serving rural America.

"The new bank, which was developed by Farm Bureau members for Farm Bureau members, will allow members to bank with people who understand their needs people they know and trust."

Farm Bureau Bank will provide initially a broad array of deposit and lending services to include checking accounts, money market savings accounts, certificates of deposit, home loans, new and used vehicle loans and credit cards.

These products and services will be delivered directly to members through the mail, over the telephone and across the Internet, a news release from the federation said. This operating structure will allow the bank to maintain a low-cost operation and the ability to pass those savings on to its customers through highly competitive products and services.

"Operating as Farm Bureau Banking Services," Larry J. Lanie, president and CEO of FB BanCorp, said, "we have been providing banking services to Farm Bureau members in several states since mid-1998 through affiliations with other banks. Farm Bureau bank will purchase these existing member accounts and will begin operations will over $100 million in assets."

FB BanCorp is a Nevada corporation whose stock is owned by separate Farm Bureau organizations. Farm Bureau Bank will be headquartered in Sparks, Nev., and will have its operations center in San Antonio, Texas.

FB BanCorp is a service-to-member organization that provides banking services to Farm Bureau members.

Services are not available in Wyoming, Nebraska, Michigan, Illinois, Missouri, Maryland, Pennsylvania, Georgia, Virginia, North Carolina or Mississippi.

FB BanCorp is an independent entity, and the American Farm Bureau Federation does not own, is not owned by and is not under common ownership with Farm Bureau Banking Services or its affiliated entities.