WASHINGTON (AP) - Regulators say they have closed a small lender in Minnesota, making it the second U.S. bank failure of 2013 following 51 closures last year.
The Federal Deposit Insurance Corp. on Friday seized 1st Regents Bank, based in Andover, Minn.
The bank had roughly $50.2 million in assets and $49.1 million in deposits as of Sept. 30.
First Minnesota Bank, based in Minnetonka, Minn., agreed to pay the FDIC a 2% premium to assume all of the deposits of the failed lender.
It also agreed to buy essentially all of 1st Regents' assets.
The failure of 1st Regents, which had a single banking branch, is expected to cost the deposit insurance fund $10.5 million.
All content © Copyright 2001 - 2014 WorldNow and KTTC, a Quincy station.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at firstname.lastname@example.org.