Andover, Minn.-based 1st Regents Bank was closed by federal regulators on Friday. First Minnesota Bank, based in Minnetonka, Minn., has agreed to take over the operates of the single branch of 1st Regents Bank, which held roughly $50.2 million in total assets and $49.1 million in total deposits.
Customers of 1st Regents Bank can continue to bank as usual — they’ll be able to use First Minnesota Bank branches when systems are integrated.
1st Regents Bank is the second bank to fail this year. The bank is not among the banks that carry the highest Texas Ratios (a metric that measures risk of bank failure).