Finance News

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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.