FDIC: Truman Bank closed; assets sold to Arkansas-based Simmons First - KMOV.com

FDIC: Truman Bank closed; assets sold to Arkansas-based Simmons First

JEFFERSON CITY, Mo. (KMOV.com) -- Clayton-based Truman Bank has been closed and its assets acquired by Simmons First National Bank.

According to a Friday release from the FDIC, Truman Bank depositors will automatically become depositors of Simmons First, which has its headquarters in Arkansas.

Depositors will continue to have full access to accounts by writing checks or using ATM cards. Truman Bank's branches in Clayton, St. Peters, Crestwood and Normandy will reopen Saturday under normal operating hours.

Missouri finance officials said this kind of sale is required by law when when a bank is in failing condition. Truman Bank has been under close scrutiny since 2008, when management made "aggressive, imprudent" lending decisions.

Truman Bank assets totaled $282 million as of June 30.

Customers with questions about the transfer can call the FDIC's toll-free number at 1-800-823-5028, or visit http://www.fdic.gov/bank/individual/failed/truman.html.

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