The Sun Security Bank, which has 27 locations in Missouri, has failed. Sun Security was based in Ellington. It will be taken over by Great Southern Bank, based in Springfield. State and federal regulators say Sun Security customers should notice no change in services. Checks drawn on Sun Security will be honored. Debit cards purchases also will be honored.
Sun Security had locations in: Cottleville, Lake St. Louis, Annapolis, Arcadia, Centerville, Ellington, Fredericktown, Lesterville, Marquand, Parma, Piedmont, Pilot Knob, Risco, Viburnum, Fair Play, Greenfield (2 locations), Humansville, Lockwood, Mansfield, Miller, Mountain Grove, Stockton, Weaubleau, Willard, Eldon, Holts Summit, Gravois Mills, Stover.
The FDIC says Sun Security’s financial report showed $355.9 million in total assets and $290.4 million in total deposits.
Spokesman Travis Ford with the Missouri Department of Insurance, Financial Institutions and Professional Registration blames “over-aggressive lending pracatices” for the failure of Sun Security. He says a lot of commercial and real estate loans that have not “worked out” in the sagging economy keavung borrowers unable to pay and putting the bank in “a very bad position.”
The FDIC also has closed a bank in Minnesota, raising the total number of bank failures this year to 76.
The failure of Sun Security is the first Missouri bank failure since October 18, 2010, when Westbridge Bank & Trust of Chsterfield and Premier Bank of Jefferson City folded, the fifth and sixth banks of 2010 to fail in Missouri. Premiers failure was the largest in recent years. It had almost $1.2 billion in assets.
Interview with Travis Ford 6:08 mp3