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reuters

Regulators close Gateway Bank, Prosperan Bank

  • On 11:51 am EST, Saturday November 7, 2009

WASHINGTON (Reuters) - Bank regulators closed Gateway Bank of St. Louis, in St. Louis, Missouri, and Prosperan Bank, of Oakdale, Minnesota, on Friday, the 118th and 119th U.S. bank to fail this year.

The Federal Deposit Insurance Corp said Gateway Bank of St Louis had $27.7 million in assets and $27.9 million in deposits. The bank's sole office will reopen on Saturday as a branch of Central Bank of Kansas City, Missouri, which assumed Gateway's assets.

The FDIC entered into an agreement with Alerus Financial NA, of Grand Forks, North Dakota, to assume all of Prosperan's $175.6 million in deposits and about $173.9 million of its $199.5 million in assets.

(Reporting by Charles Abbott; editing by Carol Bishopric)

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