Truman Bank became the 42nd community bank to shutter its doors on Friday, falling under the weight of bad commercial loans with $282.3 million in total assets.

State regulators closed the Saint Louis, Missouri-based bank and appointed the FDIC to sweep up the mess. The agency signed off on a loss-share transaction with Simmons First National Bank to assume $117.8 million of the assets from the failed bank.

Under the deal, Simmons First National received $219 million in assets, plus virtually all of the deposits and four branches. The FDIC will sell the remaining $63 million in assets.

J. Thomas May, chairman and CEO of the acquirer, lauded the addition in a statement by praising three more recent acquisitions, including Springfield, Missouri-based Southwest Community Bank and Olathe, Kansas-based Security Savings Bank.

“Simmons First has built its franchise around a community banking philosophy and this acquisition is a natural extension of that strategy,” he said. “With this acquisition, Simmons First will be serving its customers from 88 financial centers in 51 communities in three states, including our newly acquired St. Louis locations.”

Although the FDIC covered depositors, the bank failure slammed its Deposit Insurance Fund with $34 million in costs.

Richard Weaver, commissioner of the Missouri finance division, called the “demise of this bank… the result of aggressive, imprudent lending decisions made by prior management.

“Many of these loans were in high-risk commercial real estate and development projects that proved uncollectible. The bank has operated under close regulatory scrutiny since 2008,” he added.