Truman Bank in Clayton and three other branches have been closed by the Missouri Division of Finance, the St. Louis Business Journal reported. Simmons First National Bank has opened in its place.
Quoting from the Business Journal article:
"The collapse of the bank was brought about by its overcommitment to commercial real estate and development loans, which went bad with the recession, and its subsequent inability to raise the capital necessary to sustain it."
More about Truman Bank on Patch:
- Clayton Bank Tries Hand at Renting Out Homes