# BANKFIRST

> **Failed bank** · SIOUX FALLS, SD · failed 2009-07-17 · State commercial bank, Federal Reserve member · FDIC cost $110M

## What happened

BANKFIRST of SIOUX FALLS, SD was closed by state regulators on **2009-07-17**. The FDIC was named receiver.

**Resolution:** Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to **ALERUS FINANCIAL, NATIONAL ASSOCIATION** (GRAND FORKS, ND). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 3648
- **FDIC Certificate:** 34103
- **FDIC FIN:** 10081
- **Bank name:** BANKFIRST
- **Location:** SIOUX FALLS, SD
- **Failure date:** 2009-07-17
- **FDIC resolution date:** 2009-07-17
- **Charter type:** State commercial bank, Federal Reserve member
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $110M
- **Deposits at failure:** $232M
- **Assets at failure:** $211M
- **Acquiring bank:** ALERUS FINANCIAL, NATIONAL ASSOCIATION (GRAND FORKS, ND)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=BANKFIRST

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, BANKFIRST (FDIC ID 3648), failed 2009-07-17. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/failed-bank/3648.

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