Stearns Bank in St. Cloud has bought First East Side Savings Bank, a small bank in Tamarac, Fla., that regulators with the Office of the Comptroller of the Currency shut down on Friday.
It's the ninth failed bank that Stearns Bank has bought since the start of the financial crisis.
The sole branch of First East Side Savings Bank will reopen Saturday as a branch of Stearns Bank.
First East Side Savings had about $67.2 million in total assets and $65.9 million in deposits, according to the Federal Deposit Insurance Corp. (FDIC), and Stearns Bank assumed all assets and deposits.
The closure will cost the FDIC's Deposit Insurance Fund about $9.1 million. First Side Savings Bank is the 45th FDIC-insured bank to fail this year.
JENNIFER BJORHUS
