MARCH 27-APRIL 2, 2023 SPRINGFIELD BUSINESS JOURNAL · 27 ON THE RECORD Get $1,000 for your business when you try us for 90 days. (417) 866-1330 www.regent.bank meeting March 21-22, Turner and Magers declined to predict the agency’s action. The Fed decided to raise interest rates by a quarter point, marking the first increase in 2023, following seven hikes last year as it attempts to tamp down inflation. Amid the recent banking turmoil, some economists predicted the Fed would pause the rate increases, while others expected a half-point boost. In the latest monthly survey of bank CEOs in rural areas of a 10-state region by Creighton University, roughly 57% recommended a quarter-point increase, 30% favored a half-point hike and 13% advocated no rate change, according to a news release. However, the release noted many survey responses were completed prior to this month’s bank failures. In a statement following the two-day meeting, the Fed acknowledged the recent national bank strains but added the financial system is stable. “The U.S. banking system is sound and resilient,” officials with the Fed said in the statement. “Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation. The extent of these effects is uncertain.” Insured limits Even as interest rates rise again, Hataway said there likely will be more chatter in the coming months about whether to increase the FDIC insurance coverage limit. The amount moved to $250,000 from $100,000 temporarily during the 2008 financial crisis and was made permanent in 2010. “You’re going to have a healthy discussion on how to provide certainty and coverage for larger depositors and what’s the best practice for that,” he said. “Is it to have additional insurance options, either through FDIC or partnership with FDIC, or to simply raise the limit? Are there other things we can do in the private ecosystem to provide better options for deposit coverage? That will be an important conversation that will take time. There’s not an easy solution.” According to media reports, the MidSized Bank Coalition of America asked the FDIC to insure all deposits for the next two years to avoid bank runs. Chair, President and CEO Mariner Kemper of Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) said the move quickly would restore confidence in the banks. UMB is a member of the coalition. Hataway and Magers both agree the coverage limit topic needs to be explored but take a wait-and-see approach as to what, if any, action should take place. Turner said he wouldn’t have a problem if the limit were raised. “I trust the regulators to keep an eye on that,” he said. • 460 Banks that failed during the Great Recession, according to FDIC Freedom Bank of Southern Missouri to Jessica and Trenton Crouch; 650,000; sec. 2, twp. 29, range 23, NW and NE. Great Southern Bank to Don and Garrett Pohl; 192,000; L14, Carden Meadows. Great Southern Bank to Shawna and Steven Raphael; 480,000; L4, Dunrobin, Phase II. Great Southern Bank to Jessica Braden; 150,000; L16, Eaglesgate, Phase I. Guaranty Bank to Melanie Morgan; 156,000; L13, Scenic Towers, fourth addition. Guaranty Bank to Thea and David Scott; 100,000; L18, Marlborough Manor, 17th addition. Key Bank to OAHS JB Hughes LLC; 13,000,000; Unit 2, John B. Hughes Apartments. Lakeview Loan Services LLC to Lance Featherston; 200,001; L77, Greentree Hills. Legacy Bank & Trust Co. to Villas at Anthony Park LLC; 500,000; L1, Villas at Anthony Park. Legacy Bank & Trust Co. to Katelyn Fisher and Maxwell Goff; 195,000; sec. 26, twp. 29, range 20, NE. Mortgage Financial Services LLC to Samantha Saxton; 170,905; L28, Walnut Terrace. OakStar Bank to Lori and Craig Slater; 480,000; L14, Park Crest Village, Blocks H and I. OakStar Bank to 1323 Partners LLC; 300,000; L11-12, Fremont Square, first addition. OakStar Bank to Kali and Kyle Witherspoon; 325,200; L55, Wild Horse, Phase I. O’Bannon Banking to Michael Thomas Fitness LLC; 142,500; Unit G, Wedgewood Square Center. Old Missouri Bank to Redec LLC; 1,251,000; sec. 7, twp. 28, range 20, NE and SE. Old Missouri Bank to Team E Holdings LLC; 222,000; L13, Goff Rancho. Old Missouri Bank to Jon and Ann Goodnight Family Trust; 900,000; sec. 19, twp. 29, range 23, NW and SE. Old Missouri Bank to SLF Investments LLC; 701,000; L11-12, Eggleston’s. PennyMac Loan Services LLC to Laura and Sean Whipple; 261,250; sec. 16, twp. 29, range 20, SW. People’s Community Bank to All Square Construction LLC; 152,000; L159-160, Campbell’s Woodland Heights addition. PrimeLending to Kathleen Kingry; 132,300; L19, Marlborough. RCC Trust to Coachlight Properties LLC; 141,402; L23, Grandview Park, second addition. Relyance Bank to RNR Investments LLC; 635,000; L4, Seville Square II, Phase III. Resmac Inc. to Shawna and Anna Blakesley; 267,900; L14, Emerald Valley, Phase I. Rocket Mortgage LLC to James and Carol Blake; 141,600; L2, Woodbine. Rocket Mortgage LLC to Andrea and Kenneth Beck; 417,000; L12, Chimney Hills. Rocket Mortgage LLC to Kimberly and Brian Harris; 110,000; L97, North Parkwood addition. Rocket Mortgage LLC to Jennifer Main; 148,590; sec. 6, twp. 29, range 23, SE. Royal United Mortgage LLC to Brandon Thompson; 158,730; sec. 21, twp. 30, range 24, SE. Southern Bank to Rebecca and Jerald Foote; 225,000; L23, Southern Heights addition. • DEEDS OF TRUST, from page 23
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