HOA Trustee Opening Bank Account

In Missouri does anyone know if it is allowed for "new trustees" to remove the managing company and open their own bank account to handle themselves? This subdivision has been in a civil court case for over 4 years, now under appeal and the "new trustees" (still in dispute) have stated they opened a bank account at a local bank to deposit the assessments, once they send out notice, and will be handling the money management themselves.

Providing the bank account was in the name of the Association and used the Associations federal identification number, it sounds right.

Of course, if this has been in court for 4 years, I doubt we know (or will know) all the facts of the issue.