Patriot Bank MinnesotaState 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.
BankEastTennessee 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 U.S Bancorp ( USB). 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 CoverageThere were 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 TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.