One More FDIC Bank Closing

On Friday evening, the FDIC reported that it has taken over an additional bank (First American State Bank of Minnesota) for a cost to the FDIC of about $3 million. This brings the total number of failed banks since the beginning of 2008 to 182. Total deposits of all failed banks now equal over $8.7 billion for 2010 and $380 billion since the beginning of 2008, all at an estimated cost to the FDIC of about $61.4 billion. Visit for more details and a full list of FDIC bank closings.

  Total Deposits Cost to the FDIC
First American State Bank of Minnesota $16,300,000 $3,100,000