by Calculated Risk on 8/28/2009 07:10:00 PM

Wise men once have said
Chance favors the prepaired mind
not so for Mainstreet.
by Soylent Green is People
From the FDIC: Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Mainstreet Bank, Forest Lake, Minnesota

Mainstreet Bank, Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million. ...

The FDIC and Central Bank entered into a loss-share transaction on approximately $268 million of Mainstreet Bank's assets. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million. ... Mainstreet Bank is the 83rd FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution to be closed in the state was Horizon Bank, Pine City, on June 26, 2009.

Two down today.