Bank Failure
1st American State Bank of Minnesota
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Closed February 5, 2010 · Hancock, MN · FDIC Cert #15448.
- Closing date
- February 5, 2010
- Headquarters
- Hancock, MN
- FDIC Certificate
- 15448
- Total assets at closing
- $18.2M
- Total deposits at closing
- $16.3M
- Estimated loss to the insurance fund
- $4.5M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Community Development Bank, FSB
Context
On February 5, 2010, regulators closed 1st American State Bank of Minnesota, headquartered in Hancock, MN. At closing, the institution held approximately $18.2M in assets and $16.3M in deposits. The FDIC record names Community Development Bank, FSB as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $4.5M.
By assets at closing this is the 2416th largest of the 3,526 bank failures in the FDIC record, and the 154th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did 1st American State Bank of Minnesota fail?
1st American State Bank of Minnesota was closed by regulators on February 5, 2010.
Who acquired 1st American State Bank of Minnesota?
The FDIC record names Community Development Bank, FSB as the acquiring institution in the resolution of 1st American State Bank of Minnesota.
How big was 1st American State Bank of Minnesota when it failed?
1st American State Bank of Minnesota had approximately $18.2M in total assets and $16.3M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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