Bank Assumes Ownership of St. Louis Union Station

St. Louis, MO – An Illinois bank will begin foreclosure on St. Louis Union Station Wednesday. The owners can't pay the mortgage, so they're giving ownership of the renovated landmark in downtown to Regency Savings Bank.

Union station officials say the public won't notice any changes. They cite the down economy and more competition with newer malls for their tough fiscal times.

The owners weren't able to get new financing to replace the Regency loan, which became due and payable in October 2001. Regency is based in Oak Park, Ill.