WASHINGTON - The Federal Deposit Insurance Corp. said its board approved the assumption of the deposits of State Bank of Springfield, Minn., by Southwest State Bank, Windom, Minn.

State Bank of Springfield, which had $31.2 million in assets, was closed Friday by Minnesota's commissioner of commerce. Its only office reopened Monday as a branch of Southwest State, which assumed $29.1 million in 4,400 deposit accounts and bought about $30.6 million of the assets at a discount of $1.46 million.

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