Rosemount National Bank fails, FDIC steps in

Another Minnesota bank has failed. The only branch of Rosemount National Bank in Rosemount has been taken over by the FDIC. The bank will be open on Saturday as a branch of Central Bank of Stillwater. The FDIC announced the change in ownership late afternoon on Friday.

The FDIC says depositors of Rosemount National Bank have had their accounts switched automatically to Central Bank and that customers of the bank should continue to use it as before.

ATMs at the former Rosemount National Bank will continue to work and checks will be valid through the weekend.

At the end of 2010, Rosemount National Bank had approximately $37.6 million in total assets and $36.6 million in total deposits, all of which will be assumed by Central Bank.

Rosemount National Bank is the first to fail in Minnesota in 2011, and the 33rd in the U.S. The last FDIC-backed bank in Minnesota to fail was Community National Bank in Lino Lakes on December 17, 2010.