Another Top 40 Failure

Thirtieth-ranked 1^st Regents Bank of Andover, Minnesota was closed today by the Minnesota Department of Commerce. The approximately $50.2 million in total assets of the former bank were acquired by First Minnesota Bank (5478th) of Minnetonka, Minnesota. In addition, First Minnesota bank assumed the $49.1 million in total deposits of the former 1^st Regents Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million.