American Sterling Bank, Sugar Creek, Missouri

It’s Friday after the bell and the FDIC is at it for the 24th time this year. Today FDIC closed American Sterling Bank, Sugar Creek, Missouri. 

Sugar Creek, Mo.-based American Sterling Bank was closed by regulators Friday, marking the 24th bank failure of the year as the credit crunch continues to spread through the economy. American Sterling Bank had $181 million in total assets and $171.9 million in total deposits as of March 20, according to the Federal Deposit Insurance Corporation. The FDIC said Metcalf Bank of Lee’s Summit, Mo. will assume the failed bank’s deposits. The FDIC estimated the failure of American Sterling Bank will cost its deposit insurance fund $42 million.

For more information on the closure of American Sterling Bank, Sugar Creek, Missouri, go to the FDIC web page.

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