Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, January 18, 2013
Another Top 40 Failure
Thirtieth-ranked 1st 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 1st Regents Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million.