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Regulators shutter 1st Regents Bank in Minn.

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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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