ews, Notes and Views on Community Banking

First Resource Bank acquires failed bank

First Resource Bank of Savage, Minn., increased its size with the FDIC-facilitated acquisition of Patriot Bank, Forest Lake, Minn. First Resource, chartered in 2005, had $14.9 million in assets when the State of Minnesota closed the $111 million Patriot Bank on Jan. 27.

First Resource acquired virtually all of the failed bank’s assets and its $108 million in deposits. The FDIC reported that it entered into a loss-share agreement with First Resource on $79.4 million of the assets.

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