1st Regents Bank, of Andover, Minnesota, became the country's second FDIC-insured institution to collapse in 2013, the FDIC announced Friday.
All of 1st Regents' estimated $49.1 million in deposits and virtually all of its $50.2 million in assets will be assumed by First Minnesota Bank in Minnetonka, the agency said in a release. First Minnesota will pay the FDIC a premium of 2 percent to assume the deposits.
The FDIC estimates the cost to its Deposit Insurance Fund to be about $10.5 million.
In addition to being the second bank failure in 2013, 1st Regents' collapse is the first in Minnesota this year. Three FDIC-insured banks had collapsed as of this time in 2012, and seven had collapsed as of this time in 2011.