WASHINGTON — Community Bank of the Ozarks in Sunrise Beach, Mo., became the nation's 51st failed bank of the year late Friday after it was closed by state regulators.
The Federal Deposit Insurance Corp. sold the operations of the $43 million-asset institution to Bank of Sullivan in Sullivan, Mo. The acquirer agreed to assume all of the failed bank's $42 million in deposits and purchase essentially all of its assets. The two branches belonging to Community Bank of the Ozarks will reopen Saturday under the acquirer's management.
Bank of Sullivan and the FDIC agreed to share losses on $37.3 million of the assets. The failure was estimated to cost $10.4 million to the Deposit Insurance Fund.
The closure was Missouri's fourth this year. The last failed bank in the state was Excel Bank, in Sedalia, which was seized on Oct. 19.