Heartland bank fails, FDIC steps in - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Heartland bank fails, FDIC steps in

Great Southern Bank, Fredericktown, Mo. location (Source: Crystal Long) Great Southern Bank, Fredericktown, Mo. location (Source: Crystal Long)
ELLINGTON, MO (KFVS) -

A Heartland bank has failed. Friday, the FDIC closed Sun Security Bank in Ellington.

All 27 branches of Sun Security Bank will reopen Saturday morning, but after the Columbus Day holiday all will become part of Great Southern Bank.

"We welcome Sun Security Bank customers and employees to Great Southern," said President and CEO Joseph W. Turner. "Customers can be confident that their deposits are safe and readily accessible. It's business as usual."

The FDCI says as of June 30, 2011, Sun Security Bank had approximately $355.9 million in total assets and $290.4 million in total deposits. Great Southern Bank agreed to purchase essentially all of the assets in addition to assuming all of the deposits of the failed bank.

The FDIC and Great Southern Bank entered into a loss-share transaction on $351.9 million of Sun Security Bank's assets. Great Southern Bank will share in the losses on the asset pools covered under the loss-share agreement. The transaction also is expected to minimize disruptions for loan customers.

According to the FDIC, Sun Security Bank customers can still access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed, and customers should still make payments on loans as usual.

Customers with questions should call the FDIC toll-free at 1-866-806-6128.

Sun Security Bank is the 76th FDIC-insured institution to fail in the U.S. this year, and the first in Missouri for 2011.

Online: Great Southern Bank

Copyright 2011 KFVS. All rights reserved.

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