Great Southern Grabs Failed Bank
by October 25, 2011 3:02 pm 64 views
We hear Great Southern Bank entered into a purchase and assumption agreement, including a loss-sharing agreement, with the FDIC to purchase all assets and assume all deposits of a failed bank in Missouri.
Sun Security Bank, a 41-year-old company with 27 branches throughout southwest Missouri, was shut down Oct. 7 and the FDIC appointed the receiver. All branches re-opened the next day as Great Southern Bank branches.
Sun Security held $355.9 million in assets and $290.4 million in deposits. In the loss-share agreement, the FDIC will cover 80 percent on covered loans and real estate, with Great Southern sharing in the rest.
Great Southern Bank, based in Springfield, Mo., opened an LPO in Northwest Arkansas in 2003, and in May 2010 opened a full-service branch at the former location of a Chambers Bank in the Pinnacle Hills area of Rogers.