Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Sun Security Bank, Ellington, Missouri
<p>Press Release</p><p><org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org>, <location value="LU/us.mo.sprgfd" idsrc="xmltag.org">Springfield, Missouri</location>, Assumes All of the Deposits of <org>Sun Security Bank</org>, <location value="LU/us.mo.ellton" idsrc="xmltag.org">Ellington, Missouri</location></p><p><chron>October 7, 2011</chron></p><p>Media Contact: <person>Greg Hernandez</person> (202) 898-6984, Cell: (202) 340-4922, Email: <a href="mailto:[email protected]">[email protected]</a></p><p><org>Sun Security Bank</org>, <location value="LU/us.mo.ellton" idsrc="xmltag.org">Ellington, Missouri</location>, was closed today by the <org>Missouri Division of Finance</org>, which appointed the <org value="ACORN:2975513548" idsrc="xmltag.org">Federal Deposit Insurance Corporation</org> (FDIC) as receiver. To protect the depositors, the <org>FDIC</org> entered into a purchase and assumption agreement with <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org>, <location value="LU/us.mo.sprgfd" idsrc="xmltag.org">Springfield, Missouri</location>, to assume all of the deposits of <org>Sun Security Bank</org>.</p><p>The 27 branches of <org>Sun Security Bank</org> will reopen during their normal business hours beginning Saturday, and after the <chron>Columbus Day</chron> holiday all branches of <org>Sun Security Bank</org> will reopen on Tuesday as branches of <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org>. Deposits will continue to be insured by the <org>FDIC</org>, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of <org>Sun Security Bank</org> should continue to use their existing branch until they receive notice from <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org> that it has completed systems changes to allow other <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org> branches to process their accounts as well.</p><p>This evening and over the weekend, depositors of <org>Sun Security Bank</org> can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.</p><p>As of <chron>June 30, 2011</chron>, <org>Sun Security Bank</org> had approximately <money>$355.9 million</money> in total assets and <money>$290.4 million</money> in total deposits. In addition to assuming all of the deposits of the failed bank, <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org> agreed to purchase essentially all of the assets.</p><p><org>The FDIC</org> and <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org> entered into a loss-share transaction on <money>$351.9 million</money> of <org>Sun Security Bank's</org> assets. <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank</org> 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 minimize disruptions for loan customers. For more information on loss share, please visit: <a href="http://www.fdic.gov/bank/individual/failed/lossshare/index.html">http://www.fdic.gov/bank/individual/failed/lossshare/index.html</a>.</p><p>Customers with questions about today's transaction should call the <org>FDIC</org> toll-free at 1-866-806-6128. The phone number will be operational this evening until <chron>9:00 p.m., Central Daylight Time</chron> (CDT); on Saturday from <chron>9:00 a.m. to 6:00 p.m., CDT</chron>; on Sunday from <chron>noon to 6:00 p.m., CDT</chron>; and thereafter from <chron>8:00 a.m. to 8:00 p.m., CDT</chron>. Interested parties also can visit the <org>FDIC's</org> Web site at <a href="http://www.fdic.gov/bank/individual/failed/sunsecurity.html">http://www.fdic.gov/bank/individual/failed/sunsecurity.html</a>.</p><p>The <org>FDIC</org> estimates that the cost to the <org>Deposit Insurance Fund</org> (DIF) will be <money>$118.3 million</money>. Compared to other alternatives, <org value="ACORN:3044777664" idsrc="xmltag.org">Great Southern Bank's</org> acquisition was the least costly resolution for the <org>FDIC's</org> DIF. <org>Sun Security Bank</org> is the 76th <org>FDIC</org>-insured institution to fail in the nation this year, and the first in <location value="LS/us.mo" idsrc="xmltag.org">Missouri</location>. The last <org>FDIC</org>-insured institution closed in the state was <org value="Dhaka:PREMIERBAN" idsrc="xmltag.org">Premier Bank</org>, <location value="LU/us.mo.jefcty" idsrc="xmltag.org">Jefferson City</location>, on <chron>October 15, 2010</chron>.</p><p># # #</p><p><org>Congress</org> created the <org value="ACORN:2975513548" idsrc="xmltag.org">Federal Deposit Insurance Corporation</org> in 1933 to restore public confidence in the nation's banking system. The <org>FDIC</org> insures deposits at the nation's 7,513 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The <org>FDIC</org> receives no federal tax dollars - insured financial institutions fund its operations.</p><p>View article...</p><p>"RSS Relay/O=FIND-INC/<org>OU</org>=FIRST ADMINISTRATIVE GROUP/CN=RECIPIENTS/CN=RSSRELAYEXgovmail/O=FIND-INC/<org>OU</org>=FIRST ADMINISTRATIVE GROUP/CN=RECIPIENTS/CN=GovmailEXNormalNormal</p><p>"FW: Presidential Proclamation--Leif Erikson Day, 2011"</p><p>Feed:</p><p>Posted on: <chron>Friday, October 7, 2011</chron><chron>5:15 PM</chron></p><p>Author: The <org>White House</org></p><p>Subject: Presidential Proclamation--Leif Erikson Day, 2011</p><p>Release Time:</p><p><person>LEIF ERIKSON DAY</person>, 2011</p><p>BY THE PRESIDENT OF <location value="LC/us" idsrc="xmltag.org">THE UNITED STATES OF AMERICA</location></p><p>A PROCLAMATION</p><p>The first Europeans known to set foot on <location value="LB/nam" idsrc="xmltag.org">North America</location> took to the ocean more than a millennium ago, facing fierce waters and an uncertain course. Led by <person>Leif Erikson</person> -- son of <location value="LC/is" idsrc="xmltag.org">Iceland</location> and grandson of <location value="LC/no" idsrc="xmltag.org">Norway</location> -- these intrepid Scandinavians sailed fearlessly into the unknown, driven by the promise of adventure and dreams of new discoveries. When they landed in modern day <location value="LC/ca" idsrc="xmltag.org">Canada</location>, they founded the settlement of Vinland and established a legacy of exploration and exchange that is fundamental to our courageous spirit.</p><p>Evoking the bravery and determination that characterized Erikson and his crew of pioneers, a group of Norwegians completed their own journey on <chron>October 9, 1825</chron>. Crammed into an undersized sloop named Restauration, these brave travelers sought new opportunities and embraced the same commitment to exploration that had driven their predecessors centuries earlier. On <person>Leif Erikson Day</person>, we commemorate these historic voyages and celebrate the many ways Nordic-American culture has enriched our Nation.</p><p>The triumphs of Erikson and those who followed inspire us to continue reaching for new horizons. Whether developing new technologies, pushing the boundaries of medicine, or driving ever further into the vastness of space, we do so confidently, knowing that icons like <person>Leif Erikson</person> were able to overcome incredible odds and drive the world forward. Today, let us celebrate his life and legacy with the bold pursuit of America's next great innovation.</p><p>To honor <person>Leif Erikson</person> and celebrate our Nordic-American heritage, the <org>Congress</org>, by joint resolution (Public Law 88-566) approved on <chron>September 2, 1964</chron>, has authorized the President to proclaim <chron>October 9</chron> of each year as "<person>Leif Erikson Day</person>."</p><p>NOW, THEREFORE, I, <person>BARACK OBAMA</person>, President of <location value="LC/us" idsrc="xmltag.org">the United States of America</location>, do hereby proclaim <chron>October 9, 2011</chron>, as <person>Leif Erikson Day</person>. I call upon all Americans to observe this day with appropriate ceremonies, activities, and programs to honor our rich Nordic-American heritage.</p><p>IN WITNESS WHEREOF, I have hereunto set my hand this seventh day of October, in the year of our Lord two thousand eleven, and of the Independence of <location value="LC/us" idsrc="xmltag.org">the United States of America</location> the two hundred and thirty-sixth.</p><p><person>BARACK OBAMA</person></p>
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