Missouri Division of Finance earns national reaccreditation

The Missouri Division of Finance recently received its fourth certificate of accreditation from the Conference of State Bank Supervisors. The accreditation certifies that the division is maintaining the highest standards and practices in state banking supervision. The Division was first accredited in 1987.

The Conference of State Bank Supervisors is the professional association of state officials responsible for chartering, supervising and regulating the nation's state-chartered commercial and savings bank and state-licensed foreign banking offices.

The accreditation process consisted of a self-evaluation, as well as an external review. The Division first completed an extensive questionnaire, evaluating all of its operations, from administration and finance, to personnel, training, examination, supervision and legislative power.

An external review team of veteran state and federal regulators, then performed an on-site review. The external team's findings were presented to an audit team and to the Performance Standards Committee, which voted on the reports of the review and audit teams.

"We are very proud of both our success and service at the Division of Finance," said Eric McClure, commissioner of the Division of Finance, in a news release. "We strive diligently to maintain a safe and sound banking system in Missouri and are pleased to have our efforts recognized with this national accreditation."

The Division of Finance is a regulatory agency within the Missouri Department of Economic Development. It is responsible for the incorporation and regulation of state-chartered banks, trust companies, savings banks and savings and loan associations. It supervises 298 commercial banks, with total assets of $51.7 billion and deposits of $36.8 billion; 11 nondeposit trust companies; and one savings bank.