Jennings State Bank, Spring Grove, Minnesota, was closed Friday, October 02, 2009 by the Minnesota Department of Commerce, which appointed the FDIC as receiver. Central Bank, Stillwater, Minnesota will assume all of the deposits of Jennings State Bank.

Jennings State Bank had total assets of $56.3 million and total deposits of approximately $52.4 million. Jennings had 2 branches. Central Bank did not pay the FDIC a premium for the deposits of Jennings State Bank. Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on approximately $37.7 million of Jennings State Bank's assets. Central Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.7 million.

Jennings State Bank is the 97th FDIC-insured bank failure in the nation this year, and the fourth in Minnesota.

Cert #11416

Sinclair Noe

Bank-o-meter.com

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