State financial institutions ready for new millennium

All of Missouri's state-chartered credit unions, banks and savings and loans have met or exceeded expectations for preparing their computer systems for the year 2000 date change, according to the Missouri Division of Finance and

the state Division of Credit Unions.

"A safe and stable financial-services industry is critical to the continued growth and development of any economy, and the leaders of Missouri's state-chartered banks, savings and loans, and credit unions are to be commended for their hard work in making their institutions Y2K-compliant," said Joseph L. Driskill, director of the Department of Economic Development.

The Missouri Division of Finance, part of the Department of Economic Development, is responsible for the regulation and monitoring of 330 state-chartered banks, as well as all state-chartered savings and loans.

The Division of Credit Unions, also a part of the DED, supervises the state's 183 state-chartered credit unions.

Every state-chartered bank and savings and loan in Missouri has been examined on site at least twice by state and federal regulators, and each has now either "met or exceeded our expectations for Y2K preparedness," according to D. Eric McClure, acting commissioner of finance.

As a result of the systems checks, there is every indication that all services offered by these state-chartered institutions will be available at the change of the millennium Jan. 1, McClure said.

The banking services include checking, ATMs, debit cards, direct deposit and payments.

"We are proud that our financial institutions have risen to meet this challenge head on," McClure said. "This enormous effort has made the Missouri financial industry one of the nationwide leaders in Y2K preparedness.

John P. Smith, director of the Division of Credit Unions, said credit unions in the state have had on-site visits as well.

"We are confident that on Jan. 1, 2000, your funds will be safe and available," Smith said.

"The financial services you've come to rely on are expected to operate normally. The safest place for your money is, and in the future will be, in a federally insured financial institution."

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