Posted: Sep 15, 2012 9:55 AM by Associated Press
WASHINGTON - Regulators say they closed a small bank in Missouri, bringing the number of U.S. bank failures this year to 42.
The Federal Deposit Insurance Corp. on Friday seized Truman Bank, based in St. Louis.
The bank had about $282.3 million in assets and $245.7 million in deposits as of June 30th.
Simmons First National Bank based in Pine Bluff, Arkansas agreed to assume Truman Bank's deposits and purchase essentially all of the failed lender's assets.
The FDIC and Simmons entered into a loss-share transaction on $117.8 million of Truman Bank's assets.
The failure of Truman Bank, which had four branches, is expected to cost the deposit insurance fund $34 million.
Truman Bank is the second FDIC-insured institution in Missouri to fail this year.