Missouri bank 51st closed in 2012

WASHINGTON » Regulators say they have closed a bank in Missouri, bringing to 51 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Community Bank of the Ozarks, based in Sunrise Beach, Mo.

The bank had roughly $42.8 million in assets and $41.9 million in deposits as of Sept. 30.

Bank of Sullivan, based in Sullivan, Mo., agreed to assume all of the deposits and buy essentially all the assets of the failed lender.

U.S. bank closings are running at a much slower pace than in 2011. By this time last year, 90 banks had failed.

They peaked in 2010 in the wake of the financial crisis. In 2007 three banks went under. That number jumped to 25 in 2008, after the meltdown, and ballooned to 140 in 2009.

In 2010 regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession. They declined to a total of 92 in 2011.

Creditors appeal Hostess shutdown

A Hostess Brands Inc. union and a pension fund said they are appealing the court order that gave the bankrupt Twinkie maker permission to wind down.

U.S. Bankruptcy Judge Robert Drain, at a Nov. 29 hearing in White Plains, N.Y., approved Hostess’ requests to shut down and to pay as much as $1.83 million in incentives to 19 senior managers, while overruling objections to the bonuses.

The creditors are appealing the wind-down order entered in the case on Nov. 30, according to court papers filed Friday by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union and the Bakery and Confectionery Union and Industry International Pension Fund.

Drain gave Hostess, based in Irving, Texas, final approval to sell its assets and eliminate about 18,000 jobs. The liquidation has drawn about two dozen bidders, including Wal-Mart Stores Inc. and Kroger Co., according to a person familiar with the matter.