Regulators on Friday closed Northern Star Bank in Mankato, Minn., the 18th institution to fail this year.

The bank, which had roughly $18.8 million in assets, was seized by the Minnesota Department of Commerce. The Federal Deposit Insurance Corp. was appointed receiver.

The FDIC announced a deal to sell the failed bank's operations to BankVista in Sartell, Minn. The acquirer will assume all of the failed bank's $18.2 million in deposits and take over essentially all of its assets.

The failure is estimated to cost the Deposit Insurance Fund $5.9 million. Northern Star was the first FDIC-insured institution to fail in the state since 1st Regents Bank was closed on Jan. 18, 2013.

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