The Federal Deposit Insurance Corp. said Thursday that two bidders have bought $1.45 billion of distressed assets from a Nevada bank that failed in July.

The agency entered a participation agreement with Diversified Business Strategies and Stearns Bank, a $937 million-asset subsidiary of Stearns Financial Services Inc. in St. Cloud, Minn. The deal allows the FDIC to return management of the assets, which had belonged to the $3.4 billion-asset First National Bank of Nevada in Reno, to the private sector while sharing in the expenses and income.

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