First Integrity Bank NA of Staples, MN fails, fourth in 2008

SAN FRANCISCO (MarketWatch) — First Integrity Bank NA of Staples, MN., was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was named receiver, the FDIC said late Friday. The closure marks the fourth U.S. bank failure of 2008. All deposit accounts have been transferred to First International Bank and Trust of Watford City, N.D. and depositors of First Integrity will automatically become depositors of the assuming bank. In addition, First International will purchase about $35.8 million of First Integrity’s assets for a total premium of $2.03 million, said the FDIC. The FDIC will retain about $18.9 million in assets for disposition later.
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