Twenty-seven locations of Sun Security Bank of Ellington are now in the hands of Great Southern Bank in Springfield. Sun Security Bank failed on Friday and was turned over to the Missouri Division of Finance, who in turn appointed the Federal Deposit Insurance Corporation as receiver.
Richard Weaver, the commissoner of the Division of Finance, says there will be no interruption of services for customers of the former Sun Security bank. Weaver said the demise of the bank is the result of management’s aggressive lending decisions, which concentrated loans in commercial real estate and development projects. Many of these projects failed and losses were realized. These losses and the ongoing expenses of collecting and disposing of the foreclosed properties are more than the bank can support.
Banking operations will resume at all 27 branches of Sun Security after the Columbus Day holiday.