1st American State Bank of Minnesota

February 5, 2010

1^st American State Bank of Minnesota of Hancock, Minnesota failed today according to this FDIC Press Release:

1^st American State Bank of Minnesota, Hancock, Minnesota was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota, to assume all of the deposits of 1^st American State Bank of Minnesota.

The two branches of 1^st American State Bank of Minnesota will reopen on Monday as branches of Community Development Bank, FSB. Depositors of 1^st American State Bank of Minnesota will automatically become depositors of Community Development Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use the former 1^st American State Bank of Minnesota branches until they receive notice from Community Development Bank, FSB that it has completed systems changes to allow other Community Development Bank, FSB branches to process their accounts as well.

This evening and over the weekend, depositors of 1^st American State Bank of Minnesota can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, 1^st American State Bank of Minnesota had approximately $18.2 million in total assets and $16.3 million in total deposits. Community Development Bank, FSB did not pay the FDIC a premium to assume all of the deposits of 1^st American State Bank of Minnesota. In addition to assuming all of the deposits, Community Development Bank, FSB agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Community Development Bank, FSB entered into a loss-share transaction on $11.7 million of 1^st American State Bank of Minnesota’s assets. Community Development Bank, FSB will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers.

Technorati Tags: 1st American State Bank of Minnesota, Bank Failure, failed bank, Minnesota, MN

Marshall Bank, National Association

January 30, 2010

Marshall Bank, National Association of Hallock, Minnesota failed on January 29, 2010 according to this FDIC Press Release:

Marshall Bank, National Association, Hallock, Minnesota, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Valley Bank, Cavalier, North Dakota, to assume all of the deposits of Marshall Bank, N.A.

The three branches of Marshall Bank, N.A. will reopen on Monday as branches of United Valley Bank. Depositors of Marshall Bank, N.A. will automatically become depositors of United Valley Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use the former Marshall Bank, N.A. branch until they receive notice from United Valley Bank that it has completed systems changes to allow other United Valley Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Marshall Bank, N.A. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2009, Marshall Bank, N.A. had approximately $59.9 million in total assets and $54.7 million in total deposits. United Valley Bank will pay the FDIC a premium of 7.35 percent to assume all of the deposits of Marshall Bank, N.A. In addition to assuming all of the deposits, United Valley Bank agreed to purchase essentially all of the failed bank’s assets.

Technorati Tags: Bank Failures, Failed Banks, Marshall Bank, Minnesota, MN, National Association

Prosperan Bank

November 6, 2009

Prosperan Bank, of Oakdale, MN failed today and was taken over by the FDIC, according to their official press release:

On November 6, 2009, Prosperan Bank, Oakdale, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information, which should answer many of your questions.

Technorati Tags: Bank Failures, Minnesota, MN, Oakdale, Prosperan Bank

• Tags

  American United Bank Arizona bank failu Bank Failure Bank Failures Bank of Elmwood Bank USA BB&T CA California CapitalSouth Bank Colonial Bank eBank Failed Banks First Cowetta Bank First Dupage Bank FL Flagship National Bank Florida GA Georgia Guaranty Bank Hillcrest Bank Florida Houston Illinois Los Angeles Madisonville State Bank Minnesota Missouri MN MO North Houston Bank Otsego Partners Bank Phoenix Problem Bank List Racine Riverview Community Bank San Francisco Texas Texax WA Washington Westmont Wisconsin