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Bank of Sullivan Purchases Community Bank of the Ozarks

On Fri., Dec. 14, 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, Missouri and Pleasant Hope, Missouri.
This acquisition by Bank of Sullivan helped to protect the depositors of Community Bank of the Ozarks, who automatically are now clients of Bank of Sullivan. All deposits will continue to be insured by the FDIC up to applicable limits. Bank of Sullivan is proud to have worked in cooperation with the FDIC so that no depositor will lose even one dollar of their deposits.
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.
By the Bank of Sullivan making 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. Loan customers will continue to make their payments as usual.
Bank of Sullivan currently has locations in Sullivan, Cuba, Union, and Labadie. With the consummation of this transaction on Dec. 14, the bank now has two new locations: Sunrise Beach Banking Center and Pleasant Hope Banking Center.
With a strong management team in place, Bank of Sullivan President, Mike Hoffman, 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 stated, “Our capital levels are high, so our shareholders will be happy with the controlled, managed growth brought about by this acquisition. It really is a good move for all parties involved.”
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, Missouri.  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 thirteen-member Board of Directors and has a staff of about one hundred 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.

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