Bank failure in Missouri brings 2012 total to 42

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Posted: Sep 14, 2012 6:17 PM
Bank failure in Missouri brings 2012 total to 42

WASHINGTON (AP) — Regulators say they closed a small bank in Missouri, bringing to 42 the number of U.S. bank failures this year.

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 30.

Simmons First National Bank, based in Pine Bluff, Ark., 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.