Missouri: Bank of Sullivan Assumes Deposits of Community Bank of the Ozarks

Dec 17 - Community Bank of the Ozarks, Sunrise Beach, Mo., has been closed by the Missouri Division of Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Sullivan, Sullivan, Mo., to assume all of the deposits of Community Bank of the Ozarks.

As of Sept., 30, 2012, Community Bank of the Ozarks had approximately $42.8 million in total assets and $41.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank of Sullivan agreed to purchase essentially all of the assets.

The FDIC and Bank of Sullivan entered into a loss-share transaction on $37.3 million of Community Bank of the Ozarks' assets. Bank of Sullivan will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers with questions about the transaction should call the FDIC toll-free at 800-830-6698. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/cmbkozarks.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $10.4 million. Compared to other alternatives, Bank of Sullivan's acquisition was the least costly resolution for the FDIC's DIF. Community Bank of the Ozarks is the 51st FDIC-insured institution to fail in the nation this year, and the fourth in Missouri. The last FDIC-insured institution closed in the state was Excel Bank, Sedalia, on Oct. 19, 2012.