Missouri closes first bank in 2011
10/10/2011
On Friday, October 7, Missouri state regulators closed Sun Security Bank in
Ellington, Missouri, south of St. Louis. The institution had $335.9 million in assets at
June 30 and was rated E- (“Very Weak”) by Weiss at the time of failure. Weiss first
identified it as “Weak” in December 2007. The bank reported a loss of more than $15.1
million for the six months ended June 30. Sun Security had below-FDIC-mandated Tier 1
(5%) and risk-based capital (6%) ratios of 1.74% and 3.66%, respectively. Nonperforming
assets represented 18.8% of total assets.
Great Southern Bank, located in Springfield, Missouri, with assets of $3.4 billion
and a Weiss Financial Strength Rating of C+ (“Fair”), assumed the deposits of Sun Security
Bank. Great Southern has very low nonperforming loans with less than 1.5% of its portfolio
delinquent and net income through June 30 of $12.38 million for a ROA of 0.72%.