Community Bank of the Ozarks, based in Sunrise Beach, Mo. with $42.8 million in total assets and $41.9 million in deposits, was closed by federal regulators on Friday.
Bank of Sullivan, based in Sullivan, Mo, acquired all the assets and assumed all the deposits of the failed bank. On Saturday, the two branches of Community Bank of the Ozarks reopened as Bank of Sullivan branches. Customers affected by the change should continue their banking as usual (loan customers should continue making payments).
Community Bank of the Ozarks has been on MyBankTracker’s list of banks that are most likely to fail, due to the institution’s high Texas Ratio (a metric that analyzes the bank’s non-performing assets against its equity).
Add Your 2 Cents