# 1ST AMERICAN STATE BANK OF MINNESOTA

> **Failed bank** · HANCOCK, MN · failed 2010-02-05 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $5M

## What happened

1ST AMERICAN STATE BANK OF MINNESOTA of HANCOCK, MN was closed by regulators 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
- **Estimated FDIC DIF cost:** $5M
- **Deposits at failure:** $16M
- **Assets at failure:** $18M
- **Acquiring bank:** COMMUNITY DEVELOPMENT BANK, FSB (OMEGA, MN)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=1ST%20AMERICAN%20STATE%20BANK%20OF%20MINNESOTA

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, 1ST AMERICAN STATE BANK OF MINNESOTA (FDIC ID 3749), failed 2010-02-05. Retrieved via AI Analytics 2026-06-26 from https://api.ai-analytics.org/failed-bank/3749.

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