FIs closed: Rosemount National Bank, Rosemount, Minnesota, USA
On Friday, 15 April, 2011, Rosemount National Bank, Rosemount, Minnesota, was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named 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 reopened on Saturday as a branch of Central Bank.
As of 31 December, 2010, Rosemount National Bank had approximately USD37.6 million in total assets and USD36.6 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD3.6 million.
Rosemount National Bank is the 33rd FDIC-insured institution to fail in the USA this year and the first in Minnesota.
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