Northern Star Goes Nova

Northern Star Bank of Mankato, Minnesota is no longer shining as it was closed today by the Minnesota Department of Commerce today. The 74th-ranked bank on the list had only $18.8 million in total assets and $18.2 million in total deposits at the time it failed.  BankVista (1498th) of Sartell, Minnesota has agreed to assume all of the deposits and purchase all of the assets of the former Northern Star Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a relatively steeo $5.9 million.