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Missouri Bank Closes, National Tally at 33

in Government July 16, 2012 795 Views

Missouri saw its first bank casualty of 2012 Friday as FDIC announced that Glasgow Savings Bank of Glasgow, Missouri, was closed down by the state's finance division.

FDIC, appointed as receiver by the Missouri Division of Finance, entered into a purchase and assumption agreement with ""Regional Missouri Bank of Marceline"":http://www.regionalmissouri.com/, Missouri, to assume all of the deposits of Glasgow Savings ($24.2 million as of March 31). Regional Missouri Bank also agreed to purchase essentially all of the failed bank's approximately $24.8 million in total assets.

FDIC estimates that the cost to the Deposit Insurance Fund will be $0.1 million. Glasgow Savings is the 33rd FDIC-insured bank to fail in the United States this year and the first in Missouri.

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About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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