Prosperan Bank, Oakdale, Minnesota, was closed Friday, November 06, 2009 by the Minnesota Department of Commerce, which appointed the FDIC as receiver. Alerus Financial, National Association, Grand Forks, North Dakota will assume all of the deposits of Prosperan Bank.

Prosperan Bank had total assets of $199.5 million and total deposits of approximately $175.6 million, and 3 branch locations. Alerus Financial, N.A. will pay the FDIC a premium of 1.02 percent to assume the deposits.

 The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $60.1 million.

Prosperan Bank is the 118th FDIC-insured bank failure in the nation this year, and the sixth in Minnesota.

Cert # 35074

Sinclair Noe

Eat the bankers

Bank-o-meter.com

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