Friday, February 05, 2010

Bank Failure #16: 1st American State Bank of Minnesota, Hancock, Minnesota

by Bill McBride on 2/05/2010 05:41:00 PM

First American
February's sweet sixteen
Embraced now by Feds

by Soylent Green is People

From the FDIC: Community Development Bank, FSB, Ogema, Minnesota, Assumes All of the Deposits of 1st American State Bank of Minnesota, Hancock, Minnesota
1st American State Bank of Minnesota, Hancock, Minnesota was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ... As of December 31, 2009, 1st American State Bank of Minnesota had approximately $18.2 million in total assets and $16.3 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.1 million. ... 1st American State Bank of Minnesota is the 16th FDIC-insured institution to fail in the nation this year, and the third in Minnesota. The last FDIC-insured institution closed in the state was Marshall Bank, N.A., Hallock , January 29, 2010.
Small banks count too.