Regulators close Chesterfield bank - KMOV.com

Regulators close Chesterfield bank

WASHINGTON (AP) -- Regulators on Friday seized three banks in Kansas and Missouri, raising to 132 the number of U.S. banks that have been brought down this year by mounting loan defaults and the sputtering economy.

The Federal Deposit Insurance Corp. on Friday took over the banks: Premier Bank, based in Jefferson City, Mo., with about $1.18 billion in assets and $1.03 billion in deposits; WestBridge Bank and Trust Co. of Chesterfield, Mo., with $91.5 million in assets and $72.5 million in deposits; and Security Savings Bank, based in Olathe, Kan., with $508.4 million in assets and $397 million in deposits.

Simmons First National Bank, based in Pine Bluff, Ark., agreed to assume the assets and deposits of Security Savings Bank. Midland States Bank, based in Effinghim, Ill., is acquiring the assets and deposits of WestBridge Bank and Trust. Providence Bank, based in Columbia, Mo., is assuming the deposits and $657.9 million of Premier Bank's assets. The FDIC will retain the rest for eventual sale.

In addition, the FDIC and Simmons First National Bank agreed to share losses on $334.2 million of Security Savings Bank's loans and other assets. Midland States Bank agreed to share losses with the FDIC on $72.6 million of WestBridge Bank and Trust's assets, while the FDIC and Providence Bank are sharing losses on $408.7 million of Premier Bank's assets.

The failure of Premier Bank is expected to cost the deposit insurance fund $406.9 million; the failure of WestBridge Bank and Trust is expected to cost $18.7 million; that of Security Savings Bank, $82.2 million.

With 132 closures nationwide so far this year, the pace of bank failures exceeds that of 2009, which was already a brisk year for shutdowns with 140. By this time last year, regulators had closed 99 banks.

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