The Missouri Division of Finance closed the $282.3 million-asset Truman Bank in St. Louis on Friday.

The Federal Deposit Insurance Corp. entered into an agreement with Simmons First National Bank in Pine Bluff, Ark., to buy the bank's assets and assume its $245.7 million in deposits.

The FDIC and Simmons First also entered in a loss-share agreement on $117.8 million of Truman's assets.

The failure is expected to cost the Deposit Insurance Fund $34 million. It is the 42nd bank to fail so far this year and the second one in Missouri.

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