Data / Bank failures / 2010 / 1ST American State Bank of Minnesota
1ST American State Bank of Minnesota, Hancock, MN: failed February 5, 2010
1ST American State Bank of Minnesota in Hancock, Minnesota, failed on February 5, 2010. Community Development Bank, FSB of Omega, MN, took over its deposits. It held $18.2 million in assets and $16.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.5 million (24.9% of its assets). By assets it was the 154th largest of 157 banks closed or assisted in 2010.
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The FDIC's record
- Closed
- February 5, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Community Development Bank, FSB, Omega, MN
- Total assets
- $18,155,000
- Total deposits
- $16,327,000
- Estimated cost to the FDIC
- $4,521,138 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 15448
Other bank failures in Minnesota, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Commercial Bank | Bloomington | September 7, 2012 | $215.9 million | $206.8 million | $65.2 million | Republic Bank & Trust Company |
| Inter Savings Bank, FSB D/b/a/ Interbank, FSB | Maple Grove | April 27, 2012 | $463.8 million | $458.1 million | $79.7 million | Great Southern Bank |
| Home Savings of America | Little Falls | February 24, 2012 | $434.1 million | $432.2 million | $43 million | |
| Patriot Bank Minnesota | Forest Lake | January 27, 2012 | $105 million | $102.8 million | $35.3 million | First Resource Bank |
| The Riverbank | Wyoming | October 7, 2011 | $419.7 million | $384.1 million | $71.2 million | Central Bank |
| Rosemount National Bank | Rosemount | April 15, 2011 | $21.5 million | $21 million | $5.4 million | Central Bank |
| Community National Bank | Lino Lakes | December 17, 2010 | $31.6 million | $28.8 million | $5.8 million | Farmers & Merchants Savings Bank |
| Community Security Bank | New Prague | July 23, 2010 | $100.6 million | $95.1 million | $18.5 million | Roundbank |
All bank failures in 2010 · All bank failures in Minnesota · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.