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Investor refiles application to purchase Bank of Orrick

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Investor refiles application to purchase Bank of Orrick

A prospective investor interested in acquiring a majority stake in Bank of Orrick has refiled her application after it was returned by the Federal Deposit Insurance Corp.

Justine Hurry is seeking to acquire the 63.8% stake of the Missouri-based community bank owned by Chairman William Scott Clark and his family. The original application was filed Nov. 29, 2017, and returned by the FDIC Dec. 8, 2017, according to FDIC spokesman David Barr. He did not specify a reason. A returned application is neither approved nor denied. Barr declined to comment on the refiled application.

The revised application was filed on Dec. 22, 2017, according to the FDIC's website. It states that Michael Laughlin has agreed to serve as chairman. The previous application listed the chairman as "to be determined," but said that Laughlin and Max Mountford, both retired bank executives, "expressed a willingness to accept appointments" to Bank of Orrick's board.

The resubmitted application includes additional redacted sections compared to the original. For example, the original application stated that retiring Chairman Clark does not intend to participate in a planned equity raise and that his family has decided that they want to sell their bank stock. The original also stated that Hurry committed to purchasing the Clark block of shares and taking part in the upcoming offering. These pieces of information are not visible in the refiled application.