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.