Note: The below information only applies to those Lead Bank clients who primarily bank out of our Garden City location. You should have been contacted already if you will be affected.
Why did Lead Bank sell the Garden City location?
Lead Bank has been proud to serve the Garden City community since 2005, although the history of the bank reaches back to 1928 when the name was Garden City Bank. Selling the Garden City location was a tough decision. However, we felt there was an opportunity for better alignment and broader coverage of client needs in Cass County. We are confident that Community First Bank (CFB) will meet those needs. Ultimately, we feel this is a good strategic decision for both banks that will benefit the Garden City clients and staff.
Who are you selling to? What do you know about Community First Bank?
Community First Bank is an excellent community bank out of Butler, MO in Bates County. They have three locations and a very similar approach to banking as Lead Bank. Community First Bank offers the deposit and loan services of a national brand with the convenience and customer service of a local community bank. They are also a bank that shares a similar mission to Lead Bank’s – consistently focusing on the well-being of the community. This should make the transition very smooth.
Will the same bankers be working at Garden City?
Yes. Community First plans to keep as many bankers as possible employed at that location.
What phone number will I call?
You can call 816-773-8150 to reach this location where a banker from one of our branches will be happy to assist you.
I thought the Garden City location was the official main office for Lead Bank. Where will it be now?
In connection with the transaction, which is expected to be complete in the second quarter of 2021, Lead Bank will, subject to receipt of the required regulatory approval, designate its Kansas City branch at 1801 Main Street as its new main headquarters.
What changes will I see with my account?
The brand associated with your account will become Community First Bank. Community First Bank provides a number of account products and wants to make your transition as easy as possible. You will receive communication from Community First Bank indicating your new account product in the upcoming months. Also, many of the same bankers you are familiar with will continue to service your account.
When will those changes happen? When will the sale be finalized?
Transition to your Community First Bank account will be effective April 10th, 2021. The sale is finalized at closing of business on April 9th, 2021.
Will my account number change?
In the next 60 days, Community First will send out a communication regarding changes necessary to be able to process transactions. It is possible that a new account number for checking accounts will be required and new preprinted checks will be provided with the Community First Bank ABA number (routing number).
Will my routing number change?
Yes, after the acquisition is finalized your routing number will now be 101205063. This is the nine digit number that comes before your account number at the bottom of your checks. This number routes transactions and checks to your bank such as payroll by direct deposit.
Will I get new checks?
You will receive a new supply of checks at no charge from Community First Bank mailed to the address the bank has on file before April 10th. You will want to ensure you begin using your Community First Bank checks starting on April 10th and shred any unused Lead Bank checks you may have. For your convenience, you may bring any unused Lead Bank checks to the Garden City branch and we will shred them for you, free of charge.
How about my debit card?
Community First will be issuing new debit cards and plans to have them delivered prior to the April 9th conversion date. You may activate your debit card when you receive it but should wait to begin using your new Community First Bank debit card until April 10th, assuming you have activated it and selected your PIN number. Exact procedures on activating, contact number, and selecting your PIN will be included in a future specific debit card mailing from Community First Bank.
Will the PIN on my debit card change?
Yes. You will be able to select a new PIN when you call to activate your debit card. It is imperative that the proper phone number is on file for this to work smoothly.
Will I need to update my direct deposits and automatic payments?
Yes, you will need to update your direct deposits and automatic payments. Be sure to update all direct deposit and automatic payments accounts with your new account number and your new routing number (101205063). Community First Bank will provide additional information to assist with this transition.
How about online banking and mobile banking?
In the communication that will sent out by Community First, the directions to enroll in online and mobile banking will be included. Community First utilizes a different vendor, so it will look slightly different but will have similar features you are accustomed to.
Will the interest rate I earn on my accounts or CD remain the same?
Yes. Community First will honor CD rates and any contractual rates (public funds, etc). Rates will not change for products that are under contract. Similarly, making an early withdrawal of the money in your certificate of deposit account will incur the same penalties agreed to when you took out the CD.
Will the interest rate I earn on my savings and checking accounts remain the same?
Your interest rates may change on the depository and saving products based on Community First Bank’s current product rates. Community First Bank will provide you information regarding any changes to your accounts.
Will my interest rate or payment on my loan change?
No, the terms of your loan including the rate and payment when you originated it with Lead Bank will remain the same.
What will happen to the PPP (Paycheck Protection Program) loan that I have through Lead Bank?
Your PPP loan, like any other loans you originated through Lead Bank, will be transitioned to Community First Bank. The terms of the loan will remain the same.
What if I have a safe deposit box?
Your safe deposit box will remain at the Garden City branch and be serviced by Community First Bank after the transition.
How will I know what is going on?
Bank acquisitions happen slowly because banking is a highly regulated industry. During the next four months, Lead Bank and Community First Bank will send out notices of any changes to policies and accounts. These notices will come by email and by regular mail. So please make sure your email and mailing address are current.
Will my deposits still be insured by the FDIC?
Yes, the FDIC will continue to provide deposit insurance up to $250,000 for each of your account ownership categories.
What happens to my FDIC insurance coverage if I have deposits at both Lead Bank and Community First Bank?
When two or more insured banks merge, deposits from the assumed bank are separately insured from deposits at the assuming bank for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary or the depositor wishes to do so.