The Minnesota Department of Commerce closed 1st American State Bank of Minnesota Friday and handed the failed institution over to the Federal Deposit Insurance Corporation as receiver. Community Development Bank, FSB, agreed to assumed all of the failed institution’s deposits. The collapse of a deal for an Illinois bank to acquire AAXA Mortgage will result in the company’s closing, according to an interview with AAXA’s chief executive officer by WWAY NewsChannel 3.;
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