Only two banks in Minnesota have failed so far this year, but officials are still keeping a close eye on a record number of them. More than a third of FDIC-insured banks in Minnesota are on the watch list.
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The FDIC shutdown Patriot Bank in Forest Lake Friday. First Resource Bank in Savage agreed to take over the assets and deposits from the failed Minnesota bank. There have been seven U.S. bank failures in 2012. Patriot Bank is the first to fail in Minnesota this year.
The Federal Deposit Insurance Corp. seized Bloomington-based First Commercial Bank, making it the fourth federally insured institution in Minnesota to fail this year. So far in 2012, 41 banks have failed nationwide. A Kentucky-based bank and trust company will assume First Commercial's deposits and purchase essentially all of the failed bank's assets
University of Minnesota basketball star Trevor Mbakwe has been named to the preseason watch list for the John R. Wooden award, given to the best player in the country. Mbakwe blossomed this summer during the World University Games in China.
Regulators closed Home Savings of America in Minnesota, including two branches in California. Customers will receive checks in the mail for the amount of their insured deposits. The FDIC could not find another financial institution to take it over. Loan customers are suppose to continue making their payments as usual.
The RiverBank had been losing money since 2009 and regulators considered it undercapitalized. Its six branches are now part of Central Bank, which has acquired several failed banks over the last two years.
The Minnesota Department of Human Services reports 97.6 percent of retailers checked selling tobacco products are following underage tobacco laws. In order to receive federal funding for prevention and treatment efforts, Minnesota is required to have a least an 80 percent compliance rate. During the 12-month survey, law enforcement agencies issued about 600 citations to store owners.
St. Cloud-based Stearns Bank purchased all of the assets of the three-branch Jasper Banking Co. of Jasper, Ga., after regulators shut the bank down Friday, according to the Federal Deposit Insurance Corp. Since 2008, Stearns has purchased eight failed banks in government-assisted sales.
Minnesota is the only state in the nation with a statistically significant rise in the number of uninsured children. Children Defense Fund advocates blame rising insurance premiums.