First Integrity Bank
By admin. Posted on May 31st, 2008 in FDIC FAILED BANKS
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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June 29th, 2008 2:40 pm
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