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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.

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