WASHINGTON (MarketWatch) -- A second bank has failed this year, the Federal Deposit Insurance Corp. said Friday. The FDIC and the Commissioner of Missouri's Division of Finance closed Hume Bank in Hume, Mo., on Friday, the federal banking regulator announced. It was the second bank to fail this year, the FDIC said. The first was Douglass National Bank in Kansas City, Mo., on Jan. 25.
The FDIC didn't give a reason for the failure.
Security Bank of Rich Hill, Mo., will assume Hume Bank's insured deposits. The failed bank's sole office will open Monday as a branch of Security Bank. As of Dec. 31, Hume Bank had assets of $18.7 million and total deposits of $13.6 million. Security Bank agreed to assume $12.5 million of the failed bank's insured deposits for a premium of 4.26%, the FDIC said.