A Grand Forks banking company is assuming the assets of a Minneapolis-area bank that was shut by regulators this weekend.
Alerus Financial will take over Prosperan Bank, of the suburb of Oakdale, Minnesota.
Regulators say Prosperan had $199.5 million in assets and $175.6 million in deposits. It was one of five banks closed Friday in five states.
It brings the number of bank failures nationwide to 120 this year.
Alerus chief executive Randy Newman says Alerus' banking assets now total about $1.1 billion. He says the addition of Prosperan adds about 5,000 customers and more than 50 employees.
