Jefferson City, Mo. - The Missouri Department of Insurance, Financial Institutions and Professional Registration released its 2012 Annual Report today. The department's annual report, which is available online, is fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.

"The department continued its commitment of protecting consumers in 2012, from ensuring banks, credit unions and insurance companies remained financially solvent, to disciplining doctors and other professionals who put Missourians at risk, to providing consumers with the tools to make smart choices" said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "Our 2012 Annual Report highlights the department's work in Joplin, consumer protection and recovery and regulatory efforts."

Among the department's accomplishments of 2012:

• Recovered $13 million for Missouri consumers through its consumer complaint mediation process
• Obtained enforcement penalties of $5.1 million against insurance companies
• Helped bring an insurance company back from the brink of insolvency after claims from the Joplin tornado put it in financial distress
• Launched a month-long consumer awareness campaign in Joplin about having adequate homeowners and renters insurance, based on lessons learned after the tornado
• Established new regulations for county mutual companies which require them to carry enough reinsurance that losses could not deplete their surplus by more than 20 percent in any one year for a single event

Other government efficiencies by DIFP under Huff's leadership include online tools for consumers filing complaints against banks, credit unions and insurance companies; online licensing for insurance agents; electronic filing of forms required from insurance companies; and a virtually paperless consumer complaint system in the insurance divisions.

The report is available on the department's website at difp.mo.gov.

Jefferson City, Mo. - The Missouri Division of Finance has been reaccredited by a national association of state regulators. The Conference of State Bank Supervisors recently informed the division that its accreditation has been renewed for the fifth time.

The division regulates state-chartered banks, trust companies, consumer credit facilities, mortgage brokers and originators, and savings and loan institutions. Its primary objectives include ensuring the safety and soundness of those institutions and the monitoring of compliance with laws and regulations, thereby ensuring bank deposits are safe and consumers are protected.

"Our team in the Division of Finance is committed to providing quality supervision of the institutions we regulate. This accreditation reaffirms our commitment to protect consumers and maintain a strong banking system in Missouri," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration.

The division has been accredited by the national association since 1987. The accreditation certifies that the division maintains the highest standards and practices in state banking supervision set by the CSBS accreditation program. These objectives are carried out by a team of dedicated commercial bank examiners, specialized trust examiners, mortgage specialists, consumer credit examiners and an office support staff.

 A team from the national association performed an on-site review of the division in Jefferson City. The accreditation process looks at all division operations, including administration, examination and training.

Missouri ranks fifth in the nation in the number of state-chartered banks with 265. They have assets of more than $96 billion. A searchable listing of banks is available on the division's website. Consumers can file complaints or ask general questions about state-chartered banks online or by calling 573-751-3242.

Emily Kalmer, DIFP Legislative Affairs Counsel: Kalmer represents the Insurance, Finance and Credit Unions divisions. Kalmer served previously in Senate Research and as an assistant attorney general in the Litigation Division of the Missouri Attorney General's office. During her time in Senate Research, she handled several DIFP-related bills, including 2009's SAFE Act (which changed regulations of mortgage lending) and the 2011 law that enhanced enforcement authority for the Board of Registration for the Healing Arts. She served as a legal advisor to the Senate Financial and Governmental Organizations and Elections Committee, which handles most legislation related to the Division of Finance and the Division of Professional Registration. Kalmer earned her law degree at Washington University in St. Louis.

Andy Briscoe, Legislation and Budget Director for the Division of Professional Registration: Briscoe served as Legislative and Constituent Services Director for the Missouri Department of Corrections. In that role, he handled the Justice Reinvestment Act, a 120-day mental health assessment program for offenders, as well as videoconferencing capability for parole hearings. Previously, he served as counsel for the Department of Public Safety. Prior to that, he was an assistant prosecuting attorney and a lawyer in private practice. Briscoe will oversee all budget and legislative issues for the division's 39 boards and commissions and administrative activities. He starts at the Division of Professional Registration on Jan. 2. Briscoe earned his law degree at Saint Louis University.

"Emily Kalmer and Andy Briscoe are experienced public servants who stand ready to provide technical expertise to policymakers, leveraging the knowledge of expert regulators in our department," said DIFP Director John M. Huff. "I welcome stakeholders to reach out to Emily and Andy any time they need assistance on issues relating to the consumer protection and competitive markets mission of DIFP."

Missouri law requires the commissioner of the Division of Finance to produce a report every two years that includes the names and condition of financial institutions regulated by the division, corporations that have ceased operating in the state, unclaimed funds held by the division, legislative changes, employee personnel and more.

Contact Travis Ford: 573-619-7790

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Community Bank of the Ozarks, Sunrise Beach, and appointed the Federal Deposit Insurance Corp. as receiver. To protect depositors, an agreement to acquire the bank was reached with Bank of Sullivan, a $284 million state-chartered bank headquartered in Sullivan.

Depositors of Community Bank of the Ozarks automatically become depositors of Bank of Sullivan, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby and drive-up services for former customers of Community Bank of the Ozarks will resume on Saturday. 

"There will be no interruption of services for customers of the former Community Bank of the Ozarks," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of liberal lending practices compounded by adverse economic trends. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or acquire additional capital were not successful. As a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $43 million as of September 30.

Customers who have questions about today's transaction can call the FDIC toll free at 800-830-6698. The number will be operational this evening until 9 p.m.; Saturday from 9 a.m. to 6 p.m.; Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m.

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Excel Bank, Sedalia, and appointed the Federal Deposit Insurance Corp. as receiver. To protect depositors, an agreement to acquire the bank was reached with Simmons First National Bank, a $1.8 billion national bank headquartered in Pine Bluff, Ark.

Depositors of Excel Bank automatically become depositors of Simmons First National Bank, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Excel Bank customers will resume on Saturday.

"There will be no interruption of services for customers of the former Excel Bank," said Richard J. Weaver, commissioner of the Division of Finance. "The demise of this bank is the result of aggressive lending in commercial real estate development projects which proved unsuccessful. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or obtain additional capital were not successful, and as a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $186 million as of Sept. 30.

Customers who have questions about today's transaction can call the FDIC toll-free at 800-830-4697. The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m.; and thereafter from 9 a.m. to 5 p.m. Interested parties also can visit the FDIC's website at http://www.fdic.gov/bank/individual/failed/excelbank.html.

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Truman Bank, Clayton, and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect depositors, an agreement to acquire the bank was reached with Simmons First National Bank, a $1.6 billion bank headquartered in Pine Bluff, Ark.

Depositors of Truman Bank automatically become depositors of Simmons First National Bank, and continue to have full access to their accounts by writing checks or using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. 

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Truman Bank customers will resume on Saturday. 

"There will be no interruption of services for customers of the former Truman Bank," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of aggressive, imprudent lending decisions made by prior management. Many of these loans were in high-risk commercial real estate and development projects that proved uncollectible. The bank has operated under close regulatory scrutiny since 2008."

Despite management's best efforts, attempts to obtain additional capital were not successful, and as a result, the board of directors voted to turn the bank over to the Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $282 million as of June 30.     

Customers who have questions about today's transaction should call the FDIC toll-free at 1-800-823-5028. The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m. Interested parties also can visit the FDIC's website at http://www.fdic.gov/bank/individual/failed/truman.html.

Depositors of Glasgow Savings automatically become depositors of Regional Missouri Bank, and continue to have full access to their accounts by writing checks and using their ATM cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Glasgow Savings customers will resume on Saturday. 

"There will be no interruption of services for customers of the former Glasgow Savings Bank," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of aggressive lending decisions concentrated in out-of-territory participations. Many of these loans became delinquent and non-performing. Losses have been realized and are more than the bank can support. The bank has operated under close regulatory scrutiny since 2009."

Attempts to sell the bank or obtain additional capital were not successful, and as a result, the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $22 million as of June 30.

Customers who have questions about today's transaction can call the FDIC toll free at 1-800-822-1918.  The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m. 

Jefferson City, Mo. - The Missouri Department of Insurance is sending an urgent message to consumers and businesses in the St. Louis area who did business with former agent Wendi Glass and her company VMG, Inc. The department revoked the insurance license of Glass and VMG last September, but has received reports that Glass has been selling insurance illegally since that time.

The department turned its evidence over to St. Louis County Police, who arrested Glass on May 1. She is charged with forgery and stealing.

A Department of Insurance investigation found that Glass collected homeowners and auto insurance premiums from consumers, but never submitted the money to an insurance company. That left consumers and lenders believing incorrectly that insurance coverage was in place. Department Director John M. Huff says according to recent complaints, Glass may have given her customers forged insurance policy documents.

"We strongly encourage consumers who did business with Ms. Glass or VMG to do some research and find out whether they actually have insurance coverage," said Huff. "The worst-case scenario is that consumers don't learn they're uninsured until after they have a claim."

Huff advises consumers and lenders to verify any insurance policies sold by Glass or VMG, which may also be called Versatile Management Group Inc. He says they should contact the insurance company listed on the policy to determine if the coverage is valid. Consumers needing help locating the insurance company can contact the Department of Insurance.

Consumers are encouraged to file complaints against agents or insurance companies they believe have violated Missouri law. Since the beginning of 2012, the department has revoked the licenses of 11 insurance agents.

Consumers with complaints and general questions can call the department's Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov.

State and federal investigations found the country's five largest loan servicers routinely signed foreclosure-related documents without really knowing whether the facts they contained were correct. That violates the law. Learn more at the official website of the settlement:

http://www.nationalmortgagesettlement.com/

Jefferson City, Mo. - Responding to Gov. Jay Nixon's call for more efficient government, the Missouri Department of Insurance, Financial Institutions and Professional Registration has created the second annual report intended exclusively for online viewers. Since 1870, Missouri's insurance regulators had produced some form of published report, many of which were more than 200 pages. Gov. Nixon has directed all state agencies to improve efficiencies and maximize technology wherever possible.

DIFP's 2011 Annual Report is a 24-page review of department operations, industry statistics and accomplishments in the past year. The document is optimized for viewing on a computer monitor, rather than a printed page. Pages can be viewed on one screen, without the need for scrolling. It is also fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.

The report also offers a video greeting with DIFP Director John M. Huff. It characterizes 2011 as a year of records in Missouri:

• The Joplin tornado of May 22 is the largest insurance event in Missouri history, with paid claims at $1.3 billion at the end of 2011.
• Premium sales in Missouri's insurance industry reached $30 billion for the first time
• Consumers who filed complaints received an extra $19.2 million in insurance claims payments, the highest number in DIFP history.
• Assets of state-chartered banks stand at $93 billion, a record level.
• Assets of state-chartered credit unions are above $10 billion, having reached that milestone in May.

"Our annual report will show that despite the unprecedented challenges of 2011, our department fulfilled the three-tiered mission of protecting consumers, encouraging competitive markets and enhancing state-based regulation," said Huff in the report.

The report is available at the department's website, difp.mo.gov.

Click here for more details.

Jefferson City, Mo. - The Missouri Division of Finance today accepted possession of Sun Security Bank, Ellington, and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver.  To protect depositors, an agreement to acquire the bank was reached with Great Southern Bank, a $3.4 billion Missouri state-chartered bank headquartered in Springfield, Mo.

Depositors of Sun Security Bank automatically become depositors of Great Southern Bank, and continue to have full access to their accounts by writing checks or using ATM or debit cards.  Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. 

Depositors will continue to be fully insured by the FDIC. Normal operating hours for lobby or drive-up services for former Sun Security Bank customers will resume at all 27 Missouri locations throughout southeast, southwest and central Missouri, on Saturday or Tuesday after the Columbus Day holiday. 

"There will be no interruption of services for customers of the former Sun Security Bank," said Richard J. Weaver, Commissioner of the Division of Finance. "The demise of this bank is the result of management's aggressive lending decisions, which concentrated loans in commercial real estate and development projects. Many of these projects failed and losses were realized.  These losses and the ongoing expenses of collecting and disposing of the foreclosed properties are more than the bank can support. The bank has operated under close regulatory scrutiny since 2007."

Attempts by management to sell the bank or procure additional capital were not successful, and as a result the bank's board of directors voted to turn the bank over to the Missouri Division of Finance, as required by state law when a bank is in failing condition. Assets of the bank totaled $351 million as of Sept. 30.           

Customers who have questions about today's transaction can call the FDIC toll-free at 866-806-6128. The phone number will be operational this evening until 9; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; and thereafter from 8 a.m. to 8 p.m. 

Jefferson City, Mo. - The Missouri Division of Finance says scam artists may be targeting consumers who hold mortgages, apply for loans or do other types of financial business in the state. The division says homeowners in Missouri have received bogus mailings inviting them to join a nonexistent class-action lawsuit. Other homeowners have been told to send their mortgage payments to a scammer claiming to be the new processor for the lender.

In another case, a division investigator working undercover applied for an online payday loan. He was then contacted repeatedly by a debt collector claiming he was behind on payments for that loan - while the loan had not even been approved by the lender. There have been reports from across the country that some consumers have sent money in response to these fraudulent collection efforts.

"Consumers with home loans need to know that some of their information is publicly available, including their property deed, the name of their lender and the amount borrowed," said Rich Weaver, commissioner of the Missouri Division of Finance. "This can attract con artists, so Missourians should be highly suspicious of any solicitation, debt collection call or other contact that comes from someone other than their lender."

Weaver offers the following tips for Missouri consumers:

• If you're not past due on your loan, don't believe a stranger who says otherwise.
• If there's any doubt about the balance or status of your loan, contact your lender.
• If contacted by a debt collector, verify with your lender that you owe the money and that the collector is authorized to collect the debt.
• Never give personal information to anyone who contacts you by phone or e-mail; only give out the information when you initiate the contact.

To file a complaint against a bank or lender, or to ask general questions about financial issues, consumers can contact the Division of Finance at 888-246-7225 or visit finance.mo.gov.

The Missouri Division of Finance regulates more than 6,000 financial institutions and individuals in the state, including banks, the residential mortgage industry and consumer lenders.

Jefferson City, Mo. - The Missouri Department of Insurance, Financial Institutions and Professional Registration continues to respond to Gov. Jay Nixon's call for more efficient government, this time by creating an annual report intended exclusively for online viewing. Since 1870, Missouri's insurance regulators have produced some form of published report, many of which were more than 200 pages. Gov. Nixon has directed all state agencies to improve efficiencies and maximize technology wherever possible.

The DIFP's 2010 Annual Report is a 19-page review of department operations and accomplishments in the past year. The document is optimized for viewing on a computer monitor, rather than a printed page. It is also fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.

Most significantly, the annual report offers embedded video interviews with the DIFP leadership team. The videos offer a more personal review from DIFP Director John M. Huff and the department's seven division directors as they describe their areas of responsibility and the highlights of 2010.

"We strive to reduce cost and paperwork and leverage technology any time it can improve operations and better serve consumers and taxpayers," said Huff. "Our 2010 Annual Report points to numerous signs of recovery in the financial sector, as Missouri's economy moves forward."

Among the department's accomplishments of 2010:

• Provided effective regulation of more than 500,000 individuals and companies doing business in Missouri
• Led implementation efforts for Missouri's new autism insurance law, which requires health insurance coverage for applied behavior analysis therapies
• Returned nearly $11 million for consumers from their banks, lenders and insurance companies
• Expanded consumer protection by licensing three new industries: private investigators, behavior analysts and mortgage originators

Other government efficiencies by DIFP under Huff's leadership include online tools for consumers filing complaints against banks, credit unions and insurance companies; online licensing for insurance agents; electronic filing of forms required from insurance companies; and a virtually paperless consumer complaint system in the insurance divisions.

The report is available at the department's website, difp.mo.gov.

The electronic report is the latest in a series of innovative steps taken by Missouri state agencies following Gov. Nixon's directive: The Office of Administration recently announced the state has received a prestigious national ranking for doing government business online. The Ewing Marion Kauffman Foundation ranked Missouri 10^th among states providing e-government services.