Arkansas regulators have closed the $66.3 million-asset Allied Bank in Mulberry, the fifth institution to fail this year.
The failed bank's operations, which include five branches, were sold to Today's Bank in Huntsville, Ark. The acquirer agreed to assume all of Allied's $64.7 million in deposits and will purchase essentially all of the failed bank's assets. The bank will reopen during normal business hours as Today's Bank.
The failure will cost the Deposit Insurance Fund an estimated $6.9 million. Allied is the first Arkansas institution to fail since First Southern Bank in Batesville was closed in December 2010.