Riverview Community Bank, Otsego, Minnesota, was closed October 23, 2009 by the Minnesota Department of Commerce, which appointed the FDIC as receiver. Central Bank, Stillwater, Minnesota will assume all of the deposits of Riverview Community Bank.

As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million, and two branches. Central Bank did not pay the FDIC a premium to assume all of the deposits of Riverview Community Bank. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.The FDIC and Central Bank entered into a loss-share transaction on approximately $75 million of Riverview Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20 million.

Riverview Community Bank is the 105th FDIC-insured bank failure in the Nation this year, and the fifth in Minnesota.

Cert # 57525

Sinclair Noe

Bank-o-meter.com

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