Banking regulators seized small banks in Michigan, Minnesota and Colorado, bringing to 98 the number of U.S. banks that have failed so far this year.
The family-owned Jennings State Bank of Spring Grove, Minn., had assets of $56.3 million and deposits of $52.4 million as of July 31, according to the Federal Deposit Insurance Corp. The agency entered into a purchase and assumption agreement with Central Bank, in Stillwater, Minn., which got the failed bank's deposits, essentially all of its assets and two branches. Central and the FDIC also agreed to share losses on ...
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