The FDIC and the Office of the Comptroller of the Currency shut down First Integrity Bank, NA of Staples, Minnesota, yesterday, marking the fourth FDIC-insured bank to fail this year.

First International Bank and Trust of Watford City, North Dakota, has agreed to take them over, paying a premium of $2.03M for $35.8M worth of assets. The FDIC says it will keep $18.9M in assets to distribute later. First Integrity had $54.7M in assets and $50.3M in deposits at the end of March.

The FDIC estimates the cost to its Deposit Insurance Fund at $2.3M.

Read the FDIC’s press release here.

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