Reply #31: More on the Lino Lakes, MN failure [View All]

[CatholicEdHead]

http://www.startribune.com/business/112107299.html

Community National Bank, which has branches in Lino Lakes and Vadnais Heights, was closed Friday by the Comptroller of the Currency and will be taken over by Farmers & Merchants Savings Bank of Manchester, Iowa.
...
Community National Bank opened in 1980. At the end of the third quarter, it had $31.6 million in assets and $28.8 million in deposits. Out of 405 banks in Minnesota, it ranked 333rd by assets.

The bank reported a loss of $1.8 million for the third quarter, but its total risk-based capital ratio -- a measure of bank health -- was 12.1 percent, above the 10 percent threshold the FDIC uses to classify a bank "well capitalized."
...
Several former executives have pleaded guilty to federal crimes after helping themselves to its money. They include Curtis Martinson of Eden Prairie, former bank president Bill Sandison of North Branch, and his son, Ross, of Grant, who siphoned bank funds from a $35 million failed real estate development known as the Ramsey Town Center project.


Eden Prairie, North Branch, and Grant are Twin Cities suburbs (SW and N Metro) and exurbs and heavily GOP leaning.