Bank failure · MN
1st American State Bank of Minnesota (Hancock, MN) — failed February 5, 2010
1st American State Bank of Minnesota of Hancock, Minnesota was closed on February 5, 2010 and resolved through a purchase and assumption. Community Development Bank, FSB (MN) took over its insured deposits. At failure it held $18.2M in assets and $16.3M in deposits. The FDIC's estimated loss on the failure is $4.5M (24.9% of assets).
- Closing date
- February 5, 2010
- FDIC certificate #
- 15448
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Community Development Bank, FSB
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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