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Bank Failures

Failed Bank Information for Prosperan Bank, Oakdale, MN

On November 6, 2009, Prosperan Bank was closed by the Minnesota Department of Commerce. The FDIC was named Receiver. Alerus Financial, N.A., Grand Forks, ND acquired all deposit accounts.

The FDIC as Receiver for Prosperan Bank, Oakdale, MN has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on September 20, 2021 and has made all dividend distributions required by law.

Effective August 1, 2022, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

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Notice of Termination

Effective Date: August 1, 2022
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Notice of Intent to Terminate

Publication Date: September 20, 2021
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Dividend Information

Report on dividends paid
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Press Release

Official press release

Beware of scams!


Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

ACQUIRING INSTITUTION: ALERUS FINANCIAL, N.A.

About Alerus Financial, N.A.

All deposit accounts, excluding certain brokered deposits, were transferred to Alerus Financial, N.A., Grand Forks, ND ("assuming institution"). Former Prosperan Bank locations reopened as branches of Alerus Financial, N.A.

Your transferred deposits were separately insured from any accounts you may have already had at Alerus Financial, N.A. for at least six months after the failure of Prosperan Bank.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Alerus Financial, N.A. as long as the deposits are not pledged as collateral for loans.

Contacting Alerus Financial, N.A.

You can contact Alerus Financial, N.A.:

Alerus Financial, N.A.
401 Demers Avenue
Grand Forks, ND 58201

Alerus Financial, N.A. (www.alerus.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF (7.2Mb)
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Last Updated: September 20, 2022