Friday was black Friday for Forest Lake-based Mainstreet Bank as federal banking regulators shuttered the bank and announced that the assets would be transferred to Central Bank of Stillwater.

All eight Mainstreet Bank locations, including Forest Lake and Centerville, were to open on Saturday under the ownership of the Stillwater bank, the Federal Deposit Insurance Corporation said late on Friday.

The bank takeover was estimated to cost the FDIC fund $95 million and was the final negative blow to the troubled bank that had been issued a cease-and-desist order by the FDIC last December.

The FDIC said all funds held in the bank by depositors would be safe. The FDIC backs all deposits up to a maximum of $250,000. The bank is the third in Minnesota and the 83rd nationally to close during the financial institution crisis that began to emerge in 2007.