Credit card no longer local

F&M Bank has sold its credit card business to UMB Financial Corp., a bank holding company based in Kansas City, Mo.

I learned this through a form letter from F&M informing me it would no longer issue my F&M credit card. I'm disappointed, but not surprised. These are hard times for the credit business.

I understand F&M needs to do what's best for stockholders, without regard to customers' preferences. In my case, I carried this card so I could have a locally issued and controlled card, but there's no reason for me to continue using just another holding-company credit card. Further, there's a forced change from MasterCard to VISA. So I'll cancel it.

Meanwhile, I hope that F&M itself isn't soon acquired by UMB, which says on its Web site that it currently owns "135 banking centers" in seven states from the Midwest to Arizona.

Bill Rogers
Lodi

Reader Feedback

lodisafeway wrote on Oct 31, 2008 8:15 AM:

" Election Year - that's some pretty serious accusations there. F&M "breaking labor laws left and right" as well as hiring stupid people. Aside from the angst of having a credit card sold to another bank and the terrible change from MasterCard to Visa, perhaps you have some other personal axe to grind regarding this bank? "

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Observer wrote on Oct 31, 2008 6:04 AM:

" F&M Bank will not be sold unless the Wishek and Mettler's decide it will be sold. That's not happening. "

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Election Year wrote on Oct 31, 2008 4:25 AM:

" F&M has made money off the backs of its employees - paying incredibly low wages and breaking labor laws left and right. They have been very lucky that none of their employees has been smart enough to sue them. "

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dogs4you wrote on Oct 30, 2008 2:56 PM:

" Sad to see F&M go down the drain. I use Band of Stockton, they don`t have shareholders to answer to and have a much less chance of being taken over by a bigger bank. One reason they have an excelent chance of staying in business is, they are very carefull to whom they loan money too, and check credit to insure the loan will be paid back. "

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papercut wrote on Oct 30, 2008 9:55 AM:

" F&M bank is going to be gobbled up just like the Bank of Lodi was. The good ol' boys and the city of Lodi will have to reveal those secret stash accounts, some of which is non-interest bearing city funds. Why is that? Funny F$M should suddenly sell their credit card business to an institution that is buying up small town nickel$dime banks such as F$M that are vulnerable to this bad economy. "

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T jefferson wrote on Oct 30, 2008 5:57 AM:

" Come on Bill, what do you think the current CEO of F&M was brought here to do? Look at everything that has been done over the last few years? The CEO of a small bank in the central valley is getting paid +2 million a year while he is bleeding customers due to poor customer service. F&M's days are numbered to as soon as the old Board of Director's/owners passes on. "

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