Lake-Area Bank Fails

Posted by Warren Krech on December 17, 2012

Community Bank of the Ozarks in Sunrise Beach has reopened as Bank of Sullivan in a deal forced by the Federal Deposit Insurance Corporation.

Authorities secured the bank Friday afternoon and seized files. Employees were told they will keep their jobs. The bank’s nearly $43 million in assets and almost $42 million in deposits were taken over by the Bank of Sullivan. Customers of Community Bank of the Ozarks should continue to use their existing branch until they receive a notice from the new bank that other Bank of Sullivan branches can process their accounts as well.

Community Bank of the Ozarks is the 51st bank to fail in the nation this year,and the fourth in Missouri.

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