Allied Bank, the Mulberry bank that was closed by the Arkansas State Bank Department in 2016, failed because of governance weakness and deficient credit risk-management practices, the federal Office of Inspector General said Thursday.
The agency released more than 40 pages covering its in-depth review of the bank's failure.
[DOCUMENT: Read Office of Inspector General's full report on Allied Bank]
Allied, which had $66 million in assets, $42 million in loans and $65 million in deposits at the end of the second quarter before it was shuttered, was sold to Today's Bank of Huntsville.
Read Friday's Arkansas Democrat-Gazette for full details.