Only One Bank This Week Fails

Earlier this week, we reported that perhaps FDIC takeovers may be stemming, as more mergers are beginning to occur privately. While, I'm happy to say, that only one bank failure occurred this week. Of course, I still think that is one to many, especially considering, that it is the 73rd this year, and nearly 240 bank failures since the financial crisis struck.

This weeks one failure is:

Pinehurst Bank, Saint Paul, MN

On Friday, May 21, 2010, Pinehurst Bank, Saint Paul, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, including brokered deposits, have been transferred to Coulee Bank, La Crosse, WI and will be available immediately. The former Pinehurst Bank location will reopen as a branch of Coulee Bank during regular business hours.

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