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Patriot Bank Minnesota
State regulators took over
Patriot Bank of Minnesota
, which had 111.3 million in total assets and $108.3 million in deposits. The FDIC sold the failed bank to
First Resource Bank
of Savage, Minn.
The FDIC agreed to cover 80% of losses on $79.4 million of the failed bank's assets acquired by First Resource Bank, and estimated the cost of Patriot Bank of Minnesota's failure to the deposit insurance fund would be$32.6 million.
The failed bank's three branches were scheduled to reopen Saturday as branches of First Resource Bank.
Tennessee regulators also shuttered
BankEast of Knoxville
, which had $272.6 million in assets and $268.8 million in deposits.
The FDIC was appointed receiver and sold the failed bank to
U.S Bank, NA
of Cincinnati, which is the main subsidiary of
(USB - Get Report)
The failed bank's 10 offices were scheduled to reopen Monday as U.S. Bank branches, and the FDIC estimated the cost of Patriot Bank Minnesota's failure to the deposit insurance fund would be $75.6 million.
Thorough Bank Failure Coverage
three bank failures last week
following 92 bank failures closures 2011. All previous bank and thrift closures since the beginning of 2008 are detailed in
interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
Written by Philip van Doorn in Jupiter, Fla.
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Philip van Doorn
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