Minnesota Community Bank Is Shut Down

13133_closed Minnesota Community Bank Is Shut Down 1st Regents Bank, based in Andover, Minn., was closed by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with First Minnesota Bank, based in Minnetonka, Minn., to assume all of the deposits of 1st Regents Bank.

As of Sept. 30, 2012, 1st Regents Bank had approximately $50.2 million in total assets and $49.1 million in total deposits.

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