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 Reserve Bank of Minneapolis says the health of Minnesota's banks is gradually improving as the industry recovers from the recession. A Fed official says profits are still not great but they're moving in the right direction. A new report on the year's second quarter also shows the number of bad loans is shrinking.

Twin Cities banks are cashing in on the surge of multifamily construction, jostling to do business again with real estate developers, the Star Tribune reports. It's a sharp twist from the post-crash years when toxic concentrations of commercial real estate loans brought down so many small community banks and larger banks all but pulled out of construction and development lending.

A Delaware-based investment blog lists the Minnesota Timberwolves as one of seven professional sports teams with the shakiest financial prospects. The report points out that the Wolves lost $7 million last year, and could lose more this year if the NBA season is wiped out by the lockout.

A backup system was used to control about 700 city intersections during the outage, but the signals were on timers rather than changing with the flow of traffic.

An author who lives in Minneapolis explores the radicalization of Somali teens in his new book 'Crossbones'. Nuruddin Farah was born in Somalia. His book follows a war correspondent who is on a quest to find his missing nephew believed to be fighting for a terrorist group in Mogadishu. Farah delves into the world of war profiteers who exploit the weaknesses of the innocent.

TCF Financial is shuffling its management team. The bank said it is realigning its management to structure the company under four initiatives: Corporate development, enterprise risk management, lending and funding.