Rosemount National Bank, Rosemount, Minnesota

Rosemount National Bank, Rosemount, Minnesota, became the 33rd FDIC insured bank to be shuttered in 2011. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.6 million.

Rosemount National Bank, Rosemount, Minnesota, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Rosemount National Bank.

The sole branch of Rosemount National Bank will reopen on Saturday as a branch of Central Bank. Depositors of Rosemount National Bank will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Rosemount National Bank should continue to use their existing branch until they receive notice from Central Bank that it has completed systems changes to allow other Central Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Rosemount National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Rosemount National Bank had approximately $37.6 million in total assets and $36.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-877-367-2719. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT.

For more information visit the FDIC’s web site for Rosemount National Bank.