By Michael R. Crittenden Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. banking regulators on Friday evening closed First Integrity Bank, the fourth financial institution to fail this year. The Office of the Comptroller of the Currency said Staples, Minn.-based First Integrity had engaged in "unsafe and unsound practices" that had substantially reduced the bank's assets and earnings. The Federal Deposit Insurance Corporation, which was named receiver of the bank, said First Integrity had $54.7 million in total assets and $50.3 million in total deposits as of March 31. The bank's deposits will be assumed by First International Bank and Trust of Watford City, N.D., which will also purchase approximately $35.8 million of First Integrity's assets. The FDIC said closing First Integrity will cost $2.3 million from its deposit insurance fund. The closure of First Integrity comes just three weeks after the FDIC announced the closure of ANB Financial, a $2.1 billion bank based in Bentonville, Ark. The two previous bank failures this year involved small Missouri banks. FDIC Chairman Sheila Bair said Thursday that she expects there to be more failures this year. There were 90 banks on the agency's "problem" list at the end of the first quarter, up from 76 at the end of 2007, marking the sixth consecutive quarter the number of banks on the list has increased. -By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com
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