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.
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.