Mid-Missouri Based Bank Fails

6 years 7 months 1 week ago Monday, October 10 2011 Oct 10, 2011 Monday, October 10, 2011 10:07:00 PM CDT October 10, 2011 in News
By: Katie Brennan
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HOLTS SUMMIT - Ellington-based Sun Security Bank failed Friday. A Holts Summit Branch was one of 27 locations that is now a Great Southern Bank.

The Missouri Division of Finance seized all assets of Sun Security Bank because the bank was on the verge of insolvency. The Federal Deposit Insurance Corporation struck an agreement with Great Southern Bank to take over all assets and deposits of the bank.

Eldon, Stover and Gravois Mills also experienced the change. All branches that adopted the Great Southern Bank name will continue to operate with the same local staff. The change in ownership should not greatly affect customers.

"These customers should notice no difference," Missouri Division of Finance spokesperson Travis Ford said. "They can write checks. They can use their debit and ATM cards. They can bank in the lobby. They can drive up and they can and should continue to make their loan payments." 

Kelly Polonus, Great Southern Bank Director of Communications and Marketing said the bank is investigating any differences in bank policies.

"A lot of our products and services are pretty close together," Polonus said. "They match pretty well. But we will go through that process and then if there are any changes that customers will experience we will let them know well in advance." 

Customers that have any questions about the change can call the FDIC toll-free at 866-806-6128 or visit www.sunsecuritybank.com.

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