The Bank of Sullivan worked in cooperation with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits of Community Bank of the Ozarks, which encompassed two branches: Sunrise Beach and Pleasant Hope.
This acquisition, which occurred Dec. 14, helped to protect the depositors of Community Bank of the Ozarks, who now are clients of Bank of Sullivan. All deposits will continue to be insured by the FDIC up to applicable limits.
In addition to assuming all of the deposits of the failed bank, Bank of Sullivan has purchased essentially all of the assets, including the loan portfolio.
Through this purchase, customers are assured they can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed and loan customers will continue to make their payments as usual.
With the consummation of this transaction, the bank now has two new locations: Sunrise Beach Banking Center and Pleasant Hope Banking Center, in addition to its branches in Sullivan, Cuba, Union and Labadie.
Bank of Sullivan President Mike Hoffman said he feels good about the transaction.
“We really feel this is a win-win for everyone involved. The customers and employees of the banks we have purchased will see improved products and services and the current clients of Bank of Sullivan will have a broader range of branches to use,” Hoffman said.
“Our capital levels are high, so our shareholders will be happy with the controlled, managed growth brought about by this acquisition,” he added. “It really is a good move for all parties involved.”
The Bank of Sullivan has been serving the needs of customers in both Franklin and Crawford counties since 1895 and is the oldest continuous business in Sullivan.
The Bank of Sullivan is a locally owned financial institution chartered by the state of Missouri and is a member of the FDIC. Currently, the bank is served by a 13-member board of directors and has a staff of about 100 employees.
A solid financial institution, growing with the communities it serves, the Bank of Sullivan anticipates continued growth in assets and services as it looks toward the future.