Regulators seized Andover, Minn.-based 1st Regents Bank last week, Twin Cities Business reports. It's the state's first bank failure of the year.
The Federal Deposit Insurance Corp. says Minnetonka-based First Minnesota Bank has agreed to purchase the failed bank's assets and assume all of the deposits.
Click here, for more information from the FDIC.
Last year, 51 U.S. banks were closed, including four in Minnesota.
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Maple Grove-based InterBank was among four banks in three states closed by federal regulators Friday. Great Southern Bank based in Missouri will taken over InterBanks's four branches in the Twin Cities metro starting Monday. The FDIC has now closed 21 failed U.S. banks this year.
The Bloomington bank that's been known as First Commercial will open its doors as part of Republic Bank & Trust on Monday. Regulators shut down the bank after closing on Friday. The FDIC arranged a sale of its assets to Republic, which is based in Louisville, Kentucky. It's Minnesota fourth bank failure this year.
