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New Nixon ad hits Spence over bank bailout in Mo.

New Nixon ad hits Spence over bank bailout in Mo.

September 20th, 2012 in News

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon has launched his first critical ad against challenger Dave Spence, citing the businessman's role in a financially troubled bank.

The TV ad that began airing statewide Thursday from the Democratic governor notes that his Republican challenger was on the board of directors of Reliance Bancshares when it decided in early 2011 to forgo repaying a $40 million bailout from the federal government.

Spence resigned from the bank board shortly after that vote and has said regulators actually suggested the bank not repay the money because of its continued financial struggles.

Nixon's ad comes just two days after Spence began airing an ad criticizing Nixon for implementing President Barack Obama's economic stimulus act in Missouri. His ad claims the stimulus failed and Missouri's economy is poor.