FDIC Friday ~ January 18, 2013
Posted: Sun Jan 20, 2013 10:20 amFirst Minnesota Bank, Minnetonka, Minnesota, Assumes All of the Deposits of 1st Regents Bank, Andover, Minnesota
As of September 30, 2012, 1st Regents Bank had approximately $50.2 million in total assets and $49.1 million in total deposits. First Minnesota Bank will pay the FDIC a premium of two percent to assume all of the deposits of 1st Regents Bank. In addition to assuming all of the deposits of the failed bank, First Minnesota Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million. Compared to other alternatives, First Minnesota Bank's acquisition was the least costly resolution for the FDIC's DIF. 1st Regents Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Minnesota. The last FDIC-insured institution closed in the state was First Commercial Bank, Bloomington, on September 7, 2012.
As of September 30, 2012, 1st Regents Bank had approximately $50.2 million in total assets and $49.1 million in total deposits. First Minnesota Bank will pay the FDIC a premium of two percent to assume all of the deposits of 1st Regents Bank. In addition to assuming all of the deposits of the failed bank, First Minnesota Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million. Compared to other alternatives, First Minnesota Bank's acquisition was the least costly resolution for the FDIC's DIF. 1st Regents Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Minnesota. The last FDIC-insured institution closed in the state was First Commercial Bank, Bloomington, on September 7, 2012.