Stearns Bank snaps up another failed bank

Stearns Bank in St. Cloud has bought another bank shut by regulators, assuming all the desposits and assets of Jasper Banking Co. in Jasper, Ga., on Friday.

Jasper's three branches will reopen Saturday as branches of Stearns Bank.

It's the eighth failed bank Stearns Bank has purchased since 2008 in the wave of bank closures, according to the Federal Deposit and Insurance Corp.'s failed bank list. Both Stearns Bank and Minneapolis-based U.S. Bank have been active acquirers of failed banks since the financial crisis.

Jasper Banking has about $216.7 million in total assets and $213.1 million in total deposits. Stearns entered into a loss-share arrangement with the FDIC on $106 million of Jasper's assets, meaning it will share in any losses on those assets with Stearns.

The FDIC estimated the closure will cost its Deposit Insurance Fund $58.1 million.