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Friday, May 21, 2010

Bank Failure #73: Pinehurst Bank, St. Paul, Minnesota

by Calculated Risk on 5/21/2010 06:08:00 PM

Financial Reform
The bill could not help Pinehurst.
Ineffectual

by Soylent Green is People

From the FDIC Coulee Bank, La Crosse, Wisconsin, Assumes All of the Deposits of Pinehurst Bank, St. Paul, Minnesota
As of March 31, 2010, Pinehurst Bank had approximately $61.2 million in total assets and $58.3 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.0 million.... Pinehurst Bank is the 73rd FDIC-insured institution to fail in the nation this year, and the sixth in Minnesota. The last FDIC-insured institution closed in the state was Access Bank, Champlin, on May 7, 2010.
Busy week ... but Friday is here!