October 07, 2011
Sun Security Bank, Ellington, acquired by Great Southern Bank, Springfield
Contact Travis Ford. Cell: 573-619-7790
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.
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.