Excel Bank in Sedalia Closed
SEDALIA -Excel Bank of Sedalia was closed Friday by the Missouri Division of Finance. All funds are being handled by the Federal Deposit Insurance Corporation (FDIC) and being transferred to Simmons First National Bank in Pine Bluff, Arkansas.
Excel Bank's four branches will reopen Saturday during normal business hours as branches of Simmons First National Bank. All depositors of Excel Bank will be automatically transferred as members of Simmons First National Bank. The FDIC is insuring all deposits, so there will be no change in banking relationships in order to maintain the previous coverage.
Customers of Excel Bank are being asked to continue to use their existing branch until they are notified. They will then be able to bank at any of the Simmons First National Bank branches. Over the weekend however, depositors can access their money by writing checks or using ATM or debit cards. Checks and loan processing will continue uninterrupted.
The FDIC released the information that as of June 30, 2012, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.
Simmons First National Bank and the FDIC entered into a loss-share transaction on $126.6 million of Excel Bank's assets. Simmons First National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimized disruptions for loan customers.
Excel Bank is the 46th FDIC-insured institution to fail in the nation this year, and the third in Missouri.
Customers with questions about this weekend's transactions should call 1-800-830-4697 between 9:00 a.m. and 5:00 p.m.