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Home | News | Government | Minnesota Bank Becomes Second Failure in 2013
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Minnesota Bank Becomes Second Failure in 2013

1st Regents Bank, of Andover, Minnesota, became the country's second FDIC-insured institution to collapse in 2013, the ""FDIC"":http://www.fdic.gov/ 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"":https://www.firstmnbank.com/, 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.

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About Author: Tory Barringer

Tory Barringer
Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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