JENNINGS STATE BANK Failed 2009

What happened

JENNINGS STATE BANK of SPRING GROVE, MN was closed on 2009-10-02. The FDIC was named receiver.

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

Deposits were transferred to CENTRAL BANK (STILLWATER, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3689

FDIC Certificate

11416

FDIC FIN

10124

Bank name

JENNINGS STATE BANK

Location

SPRING GROVE, MN

Failure date

2009-10-02

FDIC resolution date

2009-10-02

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$19M

Deposits at failure

$51M

Assets at failure

$52M

Acquiring bank

CENTRAL BANK (STILLWATER, MN)

Other banks CENTRAL BANK acquired in FDIC resolutions

• THE RIVERBANK (WYOMING, MN) — failed 2011-10-07
• ROSEMOUNT NATIONAL BANK (ROSEMOUNT, MN) — failed 2011-04-15
• COMMERCE BANK OF SOUTHWEST FLORIDA (FORT MYERS, FL) — failed 2009-11-20
• RIVERVIEW COMMUNITY BANK (OSTEGO, MN) — failed 2009-10-23
• MAINSTREET BANK (FOREST LAKE, MN) — failed 2009-08-28
• NATIONAL INDUSTRIAL BANK OF CONNECTICUT (MERIDEN, CT) — failed 1989-11-09
• DELTA PACIFIC BANK (PITTSBURG, CA) — failed 1987-10-30
• AMERICAN CITY BANK (LOS ANGLES, CA) — failed 1983-02-25