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Friday, January 18, 2013

Bank Failure #2 in 2013: 1st Regents Bank, Andover, Minnesota

by Calculated Risk on 1/18/2013 09:20:00 PM

All the king’s horses
Nor all of First Regent’s men
Can save it again

by Soylent Green is People

From the FDIC: First 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. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million. ... 1st Regents Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Minnesota.
A Friday tradition continues ...