Another Minnesota Shut Down By FDIC

Regulators have shut down a small bank in Minnesota, bringing to 16 the number of bank failures so far in 2010 following 140 brought down last year by rising loan defaults and the recession.

The FDIC Friday took over the 1st American State Bank of Minnesota, located in Hancock with about $18.2 million dollars in assets and $16.3 million dollars in deposits. Community Development Bank of Ogema, Minnesota has agreed to assume the assets and deposits of the failed bank.