First Integrity Bank, a community bank in Staples, Minn., was closed by regulators late Friday.
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The $53 million-asset bank "had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," the Office of the Comptroller of the Currency said in a press release.
First Integrity was the fourth bank to fail this year. The Federal Deposit Insurance Corp. said all of First Integrity's $50.3 million in deposits will be assumed by First International Bank and Trust, located in Watford City, N.D. The assuming bank will begin operating First Integrity's two branches Saturday morning, and will also buy $35.8 million of First Integrity's assets at a premium of $2.03 million.
