Bank Closure #16 for 2010: 1st American State Bank of Minnesota

From the FDIC press release

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota, to assume all of the deposits of 1st American State Bank of Minnesota.

I took a look at Community Development Bank's website, and I noticed some very competitive CD and money market rates. Unfortunately, it's located in a remote area of Minnesota.