December 14, 2012
Community Bank of the Ozarks, Sunrise Beach, acquired by Bank of Sullivan
No interruption of service for Community Bank customers
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.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.