Skip to main content

St. Cloud-based bank buys failed Georgia-based bank

Stearns Bank agreed to take over Covenant Bank & Trust after regulators shut it down Friday. The nationwide tally of bank failures is now 15 for the year, including two in Minnesota.
  • Author:
  • Updated:
    Original:

Stearns Bank agreed to take over Covenant Bank & Trust after regulators shut it down Friday. The nationwide tally of bank failures is now 15 for the year, including two in Minnesota.

Next Up

FSmb9kkWAB0UBqk

Ferocious winds, possible tornadoes leave destruction in MN

Numerous reports of tornadoes and nearly 100 mph straight-line winds.

canoe

Canoe carrying 4 overturns near St. John's University

Of the four, only one was wearing a lifejacket when the boat capsized Wednesday.

pexels beer bar craft brewery

MN's craft alcohol makers back new push to loosen state's liquor laws

The pushback includes loosening restrictions on growler sales for bigger craft breweries and a more direct line of spirit sales to customers.

Screen Shot 2022-05-12 at 8.02.19 PM

Severe thunderstorm warnings in the Twin Cities

It's the second night in a row that severe storms are hitting the metro.

storm

Twin Cities placed in tornado watch ahead of intense line of storms

Photo above is a view from Marshall as the line of storms moved through Thursday evening.

fire pixabay stock

1 dead, 1 escapes western Wisconsin house fire

The single-story home was fully engulfed in flames when first responders arrived early Wednesday morning.

Wind storms tree

Rare 'particularly dangerous situation' weather watch issued in SW MN

The warning covers an area of Minnesota, South Dakota, Iowa, and Nebraska.

fire, firefighter

Dad and 2 children killed in western Wisconsin house fire

A devastating house fire happened early Thursday morning.

Screen Shot 2020-08-14 at 6.45.53 PM

2 suspects involved in Brooklyn Park armed carjacking

The incident happened Wednesday night near a shopping center and Cub.

Alexander Odegaard

Man sentenced to more than 10 years in prison for child pornography

Alexander John Odegaard was sentenced in U.S. District Court Tuesday.

Screen Shot 2022-05-12 at 12.15.21 PM

Victim in I-90 crash was storm-chasing meteorologist from Mexico

Martha Llanos Rodriguez died in the wreck on I-90.

Related

St. Cloud-based Stearns Bank buys Georgia banking company

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.

Wyoming, Minn. bank fails, is acquired by Central Bank of Stillwater

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.

Feds close Minnesota bank

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.

Bloomington bank shut by regulators starts new life Monday

The Bloomington bank that's been known as First Commercial will open its doors as part of Republic Bank & Trust on Monday. Regulators shut down the bank after closing on Friday. The FDIC arranged a sale of its assets to Republic, which is based in Louisville, Kentucky. It's Minnesota fourth bank failure this year.

FDIC shuts down Little Falls-based bank

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.

U.S. Bank latest bank to raise overdraft fees

U.S. Bank is bumping up overdraft fees for all its accounts beginning June 29, the Minneapolis-based bank confirmed Wednesday. The bank's new $35 overdraft fee brings it in line with the country's biggest financial institutions, including Bank of America, Huffington Post reports. Bank officials note that the 15 million-customer bank is eliminating one other fee and lowering yet another.

Boston broadcaster buys Mpls.-based Public Radio International

Minneapolis-based Public Radio International (PRI) has a new owner. The smaller competitor to National Public Radio announced Thursday it has been sold to WGBH Boston. Although terms of the deal were not disclosed, PRI will still produce its programming and Alisa Miller will remain CEO. PRI was founded 28 years ago and is on 900 radio stations nationwide.

Suicidal person's rescue causes temporary closure of St. Cloud bridge

The University Bridge near St. Cloud State University was shut down for an hour early Saturday morning as police were saving a suicidal person straddling the ledge of the structure. St. Cloud Police were called to the scene just after 1:30 a.m. to negotiate with the 21-year-old person. Police convinced the person to come off the railing after about an hour, and restrained the person to prevent any self-harm.