Regulators close three banks, bringing year's total to 132

Regulators closed banks in Missouri and Kansas on Friday, bringing the total number of failures this year to 132.

The largest of the failures was Premier Bank in Jefferson City, Mo., which will be taken over by Providence Bank of Columbia, Mo. The nine-branch Premier Bank had $1.18 billion in assets and $1.03 billion in deposits.

Through the first half of 2010, it suffered net operating losses of $25.8 million. It lost $81.5 million in 2009 and $32.5 million in 2008.

Also closing was Security Savings Bank FSB of Olathe, Kan. That institution will be taken over by Simmons First National Bank of Pine Bluff, Ark. The failed thrift had $508.4 million in assets, $397 million in total deposits and nine branches.

In August, the Office of Thrift Supervision issued strict enforcement action against the thrift, ordering it to be acquired by another instituion or raise capital by selling securities after an earlier capital restoration plan was deemed unacceptable by the OTS.

The single-branch WestBridge Bank and Trust Company in Chesterfield, Mo. was the smallest bank to close. It will be taken over by Midland States Bank, of Effingham, Ill.

WestBridge had $91.5 million in assets and $72.5 million in deposits. The bank, established in 2006, lost money every year of its existence. It had lost $2.1 million so far this year.

Earlier this year, the bank tried to sell itself for $480,246, the St. Louis Business Journal reported, but the deal ultimately fell through.

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