Regulators shutter bank in Hancock, Minn.

by Bill Catlin, Minnesota Public Radio

St. Paul, Minn. — Regulators have closed another small bank in Minnesota. The Minnesota Commerce Department Friday shut down 1st American State Bank of Minnesota, located in Hancock in west central Minnesota. The bank has about $18.2 million in assets and $16.3 million in deposits.

The Federal Deposit Insurance Corporation arranged for Community Development Bank of Ogema, Minn., to take over all of the deposits and buy virtually all of the failed bank's assets.

Ten Minnesota banks have been shuttered since 2008, the most recent one, a week ago.