The FDIC took a bit of a breather this week. Only one bank was added to the FDIC Failed Bank List. Pinehurst Bank, of Saint Paul, MN has failed. From the press release:

The sole branch of Pinehurst Bank will reopen on Saturday as a branch of Coulee Bank.

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As of March 31, 2010, Pinehurst Bank had approximately $61.2 million in total assets and $58.3 million in total deposits. Coulee Bank will pay the FDIC a premium of 1.33 percent to assume all of the deposits of Pinehurst Bank. In addition to assuming all of the deposits of the failed bank, Coulee Bank agreed to purchase essentially all of the assets.

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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.0 million. Coulee Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. Pinehurst Bank is the 73rd FDIC-insured institution to fail in the nation this year, and the sixth in Minnesota.

No loss-share agreement? The bank reopens tomorrow? $6 million estimated losses on $60 million in deposits? This is probably the best failure all year.