Yesterday, Brickwell Community Bank, headquartered in Woodbury, Minnesota, was closed by the Minnesota Department of Commerce, and theFDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with CorTrust Bank, N.A. headquartered in Mitchell, South Dakota, to assume all the deposits of Brickwell Community Bank for a 0.10% premium.

As of July 24, 2009, Brickwell Community Bank had total assets of $72 million and total deposits of $63 million. CorTrust also agreed to purchase essentially all of the assets of the failed bank. The FDIC and CorTrust Bank entered into a loss share agreement on approximately $65 million of Brickwell Community Bank’s assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $22 million. Brickwell is the 91st bank to fail in the nation this year and the 3rd in Minnesota.