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Issue: 1138 Date: 6/14/2012
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Scottrade is now biggest bank based in St. Louis
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By at least one measure, Scottrade Financial Services is now the biggest bank based in the St. Louis area. It's also among the 50 largest banks in the U.S., the only local bank to merit that distinction.
Scottrade, a discount brokerage firm, opened its own bank in 2008 and began offering banking services nationwide. In a top 50 list compiled by SNL Financial, based on assets as of March 31, Scottrade has become the 48th largest banking company in the nation, with assets of $21.6 billion and deposits of $12.6 billion.
SNL's ranking is based on holding-company filings. The Scottrade Bank subsidiary has assets of $13 8 billion, according to a call report filed with federal regulators.
Commerce Bancshares, the biggest traditional banking company in Missouri, had assets of $20.5 billion on March 31. It still tops Scottrade in deposits, though, with $16.8 billion. |
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