1ST AMERICAN STATE BANK OF MINNESOTA Failed 2010
What happened
1ST AMERICAN STATE BANK OF MINNESOTA of HANCOCK, MN was closed on 2010-02-05. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to COMMUNITY DEVELOPMENT BANK, FSB (OMEGA, MN). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3749
- FDIC Certificate
- 15448
- FDIC FIN
- 10183
- Bank name
- 1ST AMERICAN STATE BANK OF MINNESOTA
- Location
- HANCOCK, MN
- Failure date
- 2010-02-05
- FDIC resolution date
- 2010-02-05
- 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.)
- $5M
- Deposits at failure
- $16M
- Assets at failure
- $18M
- Acquiring bank
- COMMUNITY DEVELOPMENT BANK, FSB (OMEGA, MN)