First State Bank of St. Charles, MO, is pleased to announce the appointment of Dan L. Brown as the newest Director of the First State Bank of St. Charles Board of Directors.  Brown, general manager and CEO of Cuivre River Electric Cooperative, has been with the Cooperative since 1971 and has remained an active community leader in the St. Charles County area.

Brown was promoted to Lake Saint Louis Branch Manager in December 1982, and became General Manager / CEO in January 1991.

During Brown’s tenure, the Cooperative has grown from 8,000 members in 1971, to more than 59,000 members today. Under his leadership, the Cooperative has consistently received high marks for member satisfaction. Since becoming a Touchstone Energy® Cooperative in 2002, the cooperative has also received Annual Customer Satisfaction Index scores of 87-90, which rank among the highest in the industry.

Brown also championed the foundation of the Cuivre River Electric Community Trust, which has provided more than $3 million in grants to assist local communities and families through the Cooperative’s Operation Round Up program.

Brown is actively involved in the local community, presently serving as president of the national Touchstone Energy® Cooperative Board of Directors, and as a board member of the Association of Missouri Electric Cooperatives (AMEC), AMEC Legislative Committee, Central Electric Power Cooperative, Inc., Rural Electric Resource Council, and St. Charles Community College Foundation.

Brown is a Rotarian and a member of the Lake Saint Louis Ambassadors.

Brown graduated from Clopton High School in Clarksville, Missouri, and Moberly Junior College in Moberly, Missouri. He received his Bachelor of Science degree from the University of Missouri, Columbia.  Following college, he served in the U.S. Army, including a tour of duty in Vietnam.

He and his wife, Susan, have two children and three grandchildren. The family resides in St. Charles County.

First State Bank of St. Charles is proud to announce that they will acquire the mortgage lending operations of Premier Bank’s mortgage division, which currently serves residents in several communities in Missouri, including St. Peters, Chesterfield, Columbia and Lake of the Ozarks.

The addition of the full-service mortgage lending division will allow First State Bank to build on their current lending product offerings and extend competitive rates on mortgages to residents of St. Charles County and beyond.  Founded in 1867, First State Bank of St. Charles is the oldest independent community bank in the St. Louis metropolitan area, and was voted #1 Lender in St. Charles County in a 2009 Suburban Journals reader’s poll.

First State Bank’s newly acquired mortgage lending division, First State Bank Mortgage, will offer flexible products to serve a wider array of borrower’s needs, including VA, FHA and USDA loans.  The acquisition will bring additional experienced lending staff to the bank’s current team.

“The acquisition of the mortgage division presents a great opportunity for First State Bank to expand in the St. Charles County market and beyond.  This purchase will allow customers more access to home loan professionals in the area and will allow us to continue to meet the needs of this community,” said David Strautz, President and CEO of First State Bank.

“We are excited about the opportunity to grow our mortgage operation and offer a broader range of mortgage loan programs,” added Daniel Simpson, Senior Vice President of First State Bank Mortgage.  “This transition will enhance the level of service we can offer homeowners in St. Charles County and surrounding areas.  We look forward to continuing to build on the foundation of professional and responsive service established by Premier Bank’s mortgage division.”

Local offices of First State Bank Mortgage will be housed at 295 Salt Lick Road in St. Peters, Missouri, near the intersection of Highways 79 and I-70.  Experienced mortgage lenders are available for consultations at the First State Bank Mortgage location in St. Peters, and at First State Bank branches in St. Charles, O’Fallon and Lake Saint Louis.

The purchase is expected to close in April 2010.

For more information on the acquisition, please contact First State Bank at (636) 940-5555 and ask to speak with Luanne Cundiff, Dave Strautz, or Trish Lovan.

First State Bank was proud to welcome State Treasurer Clint Zweifel to St. Charles on Friday, February 5, to announce a small business loan made through the Missouri Linked Deposit Program.  As a financial institution participating in the Linked Deposit program, First State Bank of St. Charles was able to offer a low-interest business loan to Sam’s Carpet Cleaning and Repair.

The low-interest business loan will save the company an estimated $37,000 in interest costs, and impacts 23 local jobs.

“The Missouri Linked Deposit Program allows our community bank to provide low-interest loans to qualified local small businesses,” said Luanne Cundiff, Senior Vice President of First State Bank of St. Charles.  “With reduced interest expense, businesses can use that savings to help strengthen their balance sheet and work toward future expansion.”

Jeff Sams, owner of Sams Carpet Cleaning and Repair, used the low-interest loan to refinance his 17,850-square-foot building in St. Charles.  “Participating in the Missouri Linked Deposit program has allowed our business to lower our interest rate, generating more cash flow for our business,” said Sams.  “This will free up additional funds to invest in technology, training and expansion.”

The Treasurer’s office estimates that qualifying borrowers generally save 30 percent on their interest costs with a Linked Deposit business loan.

Since January 2009, $13.1 million in loans have been approved for the St. Louis region impacting 244 jobs and saving $275,000 in interest costs.  St. Charles County has received $1.6 million of that investment, impacting 44 jobs and saving $59,000 in interest.  Carpet Creations, Crosby Chiropractic, LipoSpecturm and Sur-Med Instruments are a sampling of loans made in the St. Louis region.

“Job creation and moving Missouri’s economy forward in a fiscally sound manner are my top priorities. Giving small businesses like Sams Carpet Cleaning and Repair the ability to reduce interest costs lets them invest in an economic turnaround,” Treasurer Zweifel said.  “This single loan impacts 23 local jobs and costs taxpayers nothing.  It does what we need to do right now; help small businesses free up capital to expand and create new jobs.  All told in 2009, we loaned out $200 million statewide impacting 2,300 Missouri jobs.”

The Missouri Linked Deposit Program, which was expanded in 2009 as part of Treasurer Zweifel’s jobs and economic development package, has $720 million in lending power.

Any farm in Missouri is eligible to receive a loan through the Missouri Linked Deposit Program and small businesses with up to 99 employees qualify.  Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans.

An extensive list of program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.

On Sunday, November 1, the Suburban Journals announced First State Bank of St. Charles the “Best Loan Company” in St. Charles County as declared by voters in the 2009 Suburban Journals’ Readers Poll.  First State Bank also placed third in the “Best Bank” category and third in the “Best Mortgage Company” category.

The winners of the poll were announced in the St. Charles County Journal and on the Journal website.  St. Charles County residents voted online or by mail for their favorite local businesses in a variety of categories through the month of October.

“We feel honored to be voted the best lender in St. Charles County by our customers and community, especially considering the prevalence of quality financial institutions in the area,” said Luanne Cundiff, senior vice president at First State Bank.  “Our thanks go to our loyal customers and our exceptional staff who work hard to provide the best service possible.”

First State Bank’s newly-launched Online Loan Center provides daily rates, online loan applications, mortgage calculators and a Frequently Asked Questions page to give interested loan applicants the knowledge they need to begin the loan process.  Lending staff are based out of all four banking centers in St. Charles County for convenient access and personal appointments.

First State Bank is also an approved USDA Rural Housing Lender.  The Guaranteed Rural Housing Loan Program offers up to 102% financing for 30-year fixed rate loans to qualified buyers in areas of Pike, Warren, Lincoln and St. Charles Counties.  This new loan program also boasts flexible qualifying guidelines, no mortgage insurance requirements, and loan funds that may be used to pay for closing costs.