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Minnesota Bank Collapses, Brings 2013 Tally to 2

1st Regents Bank, of Andover, Minnesota, became the country's second FDIC-insured institution to collapse in 2013, the FDIC announced Friday. All of 1st Regents' estimated $49.1 million in deposits and virtually all of its $50.2 million in assets will be assumed by First Minnesota Bank in Minnetonka, the agency said in a release. First Minnesota will pay the FDIC a premium of 2 percent to assume the deposits.

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360 Mortgage Group Expands Refi Offerings

360 Mortgage Group, a Texas-based privately-owned mortgage bank, recently announced the addition of two new mortgage refinance products to its inventory. The bank now offers customers access to the Veterans Affairs (VA) Interest Rate Reduction Refinance Loan Program and the Federal Housing Administration (FHA) Non-Credit Qualifying Streamline Product.

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Deloitte Consumer Spending Index Loses More Ground in December

Consumer spending continued its backslide in December, according to professional services firm Deloitte. Deloitte's Consumer Spending Index--which is made up of components measuring consumer tax burden, initial unemployment claims, real wages, and real home prices--slipped to 3.81 in December from November's reading of 3.96. The decline continues a downward trend that started in November after nearly a year of steady gains. Most of the drop in spending stems from an increase in unemployment claims following superstorm Sandy.

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Unemployment Drops in 22 States in December

Unemployment

Unemployment rates fell in 22 states in December but rose in 16, the Bureau of Labor Statistics (BLS) reported Friday in its monthly Local Area Unemployment Statistics (LAUS) release. In November, unemployment rates dropped in 45 states. The unemployment rate based on the sum of the regional reports computed to 7.7 percent, slightly below the 7.8 percent national rate reported January 4.

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