Posted: Sep 7, 2012 4:17 PM by KOMU 8 Staff
Updated: Sep 7, 2012 5:42 PM
COLUMBIA - Shelter Bank announced Friday to it's employees it will be closing. It has not contacted its customers yet due to federal restraints. It expects to be completely closed by the end of the year.
Vice President of Public Affairs Joe Moseley said that the bank has started with processing of closing, which includes approval from different areas.
Moseley said the insurance arm of the company will purchase the bank loans and the money will be returned after the banking closes. The insurance arm of Shelter Financial Services is much older than the bank.
The bank decided to close after new regulations would require a new accounting system. It would be very expensive and not feasible for the company.