Missouri Bank Fails, 2012 Tally at 33

NEW YORK ( TheStreet) -- State regulators late Friday afternoon closed Glasgow Savings Bank Glasgow, Mo., bringing this year's total number of bank failures to 33.

The failed bank was previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on regulatory data provided by Thomson Reuters Bank Insight.

Glasgow Savings Bank had $24.8 million in total assets and $24.2 million in deposits when it was seized by the Missouri Division of Finance. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution to Regional Missouri Bank of Marceline.

The failed office was scheduled to reopen Saturday as a branch of Regional Missouri Bank.

The FDIC estimated that the cost of Glasgow Savings Bank's failure to the deposit insurance fund would be about $100,000.

Glasgow Savings Bank was the first Missouri institution to fail this year. Georgia leads all states with six bank failures during 2012, followed by Florida and Illinois, which have each seen four banks or thrifts fail this year.


-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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