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Community Bank of the Ozarks of Sunrise Beach, Missouri has been closed by banking regulators,...

Community Bank of the Ozarks of Sunrise Beach, Missouri has been closed by banking regulators, making it the 51st U.S. bank failure of 2012. Bank of Sullivan of Sullivan, Missouri, will assume all of the bank's $42M in deposits and essentially purchase its $43M in assets. The cost to the FDIC deposit-insurance fund: $10.4M.
Comments (4)
  • 7footMoose
    , contributor
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    How in the hell is the FDIC losing $10.4MM when the acquiring bank is acquiring $43.0MM of assets for $42.0MM? Talk about funny money accounting.
    14 Dec 2012, 07:42 PM Reply Like
  • SoldHigh
    , contributor
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    I presume Liabilities had to be accounted for, too.
    14 Dec 2012, 08:58 PM Reply Like
  • 7footMoose
    , contributor
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    In a bank "deposits" are liabilities. They are the safe side of the balance sheet, "assets" are made up of loans which go bad and have to be written down and off. Deposits are always sold for a small premium as they make up the raw material of loans.
    16 Dec 2012, 06:09 AM Reply Like
  • bdadco
    , contributor
    Comment (1) | Send Message
     
    Think you will see many more close the doors before long, it may be worse then in 1929
    16 Dec 2012, 07:43 AM Reply Like
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