Missouri bank failure brings 2012 total to 51

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Associated Press

Posted on December 14, 2012 at 8:02 PM

WASHINGTON (AP) — Regulators say they have closed a bank in Missouri, bringing to 51 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Community Bank of the Ozarks, based in Sunrise Beach, Mo.

The bank had roughly $42.8 million in assets and $41.9 million in deposits as of Sept. 30.

Bank of Sullivan, based in Sullivan, Mo., agreed to assume all of the deposits and buy essentially all the assets of the failed lender.

The FDIC and Bank of Sullivan entered into a loss-share transaction on $37.3 million of Community Bank's assets.

Community Bank's failure is expected to cost the deposit insurance fund $10.4 million.

The lender, which had two branches, is the fourth FDIC-insured institution to fail in Missouri this year.

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