Wisconsin bank takes failed Minn. bank business - WKOW 27: Madison, WI Breaking News, Weather and Sports

Wisconsin bank takes failed Minn. bank business


ST. PAUL, MN (AP) -- A northeastern Minnesota bank is the latest in the state shut down by regulators.

The Minnesota Commerce Department on Friday closed down State Bank of Aurora in Aurora. The Federal Deposit Insurance Corp. took over as receiver.

The FDIC says Northern State Bank in Ashland, WI agreed to assume all the deposits of State Bank of Aurora.

The sole branch of State Bank of Aurora will reopen Monday as a branch of Northern State Bank.

Customers can continue to access their money over the weekend by writing checks or using ATM or credit cards.

State Bank of Aurora had about $28.2 million in assets and $27.8 million in deposits.

The last FDIC-insured bank to close in Minnesota was 1st American State Bank of Minnesota, located in Hancock, on Feb. 5.

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