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Investor files for 3rd time to acquire controlling Bank of Orrick stake

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Investor files for 3rd time to acquire controlling Bank of Orrick stake

A prospective investor filed her third application to acquire a majority stake in Bank of Orrick, a small Missouri bank.

Justine Hurry's latest application specifies that resigning bank Chairman William Scott Clark will remain on the board "until state requirements for at least five directors are met." It also contains some additional redacted information compared to previous submissions.

The bank's current board consists of five directors, including three slated to resign after Hurry acquires a majority stake: William Scott Clark, Cheri Clark and Christopher Clark, according to the application. The other two directors — Mike Graff and bank President and CEO Doug Ayers — will remain on the post-acquisition board. After the deal, the board is also slated to include two community residents yet to be determined and retired bank executives Max Mountford and Michael Laughlin, with the latter in the role of chairman.

Hurry is seeking to acquire the 63.8% stake of the Missouri-based community bank owned by William Scott Clark and his family, according to the filing. The original application was filed on Nov. 29, 2017, and returned by the FDIC on Dec. 8, 2017. The revised application was filed on Dec. 22, 2017 and returned by the FDIC on Jan. 12.

The FDIC declined to comment on the applications. A returned application is neither approved nor denied.

The third application includes other minor changes like a redaction of the addresses of Hurry, Buckley Sandler partner David Baris and consultant W. Phillip Klinkhardt Jr., which were visible on previous applications. The latest application also redacted the description of the source and amount of funds in the proposed acquisition, which stated "cash" in the original filing.