Number Four Bank Fails

Fourth-ranked Truman Bank of Saint Louis, Missouri, was closed today by state regulators. The approximately $282.3 million in total assets and $245.7 million in total deposits of the former bank were acquired by the Simmons First National Bank (1783rd) of Pine Bluff, Arkansas, to assume all of the deposits of Truman Bank.This was Simmons third acquisition of a failed bank since the start of the crisis. As part of the deal, the FDIC and Simmons First National Bank entered into a loss-share transaction on $117.8 million of Truman Bank's assets. Overall, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.0 million.