1 Bank Closed on May 21State and federal regulators closed one bank on Friday, May 21. This closing raises to 81 the number of failed institutions so far in 2010.
This is the sole failed bank:
Pinehurst Bank, St. Paul, Minnesota, was closed by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Coulee Bank, La Crosse, Wisconsin, will buy all of the deposits of Pinehurst Bank.
The sole branch of Pinehurst Bank will reopen as a branch of Coulee Bank. Pinehurst Bank had approximately $61.2 million in total assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $6 million