Missouri Bank Closing Raises 2012 Tally to 51

Sunset Beach, Missouri, was the site of this year's 51st bank collapse as the ""Missouri Division of Finance"":http://finance.mo.gov/ shut down Community Bank of the Ozarks.

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According to a release from the ""FDIC"":http://www.fdic.gov/, Community Bank of the Ozarks had approximately $42.8 million in total assets and about $41.9 million in deposits as of September 30. The ""Bank of Sullivan"":http://www.bankofsullivan.com/ (Sullivan, Missouri) will be picking up all of the deposits and will purchase essentially all of the assets.

In addition, the FDIC and Bank of Sullivan have entered into a loss-share transaction on $37.3 million of the failed banks' assets. Bank of Sullivan will share in the losses on the asset pools covered under the agreement.

The estimated cost to the Deposit Insurance Fund will be $10.4 million. In addition to being this year's 51st institution to fail, Community Bank of the Ozarks is the fourth to fail in Missouri.