Bank Plus Corp. in Los Angeles has finally found a buyer for its lone Minnesota branch.
The $2.2 billion-asset parent of Fidelity Federal Bank announced Thursday that it had a deal to sell its branch in the famed Mall of America near Minneapolis to Highland Bank of St. Michael for an undisclosed price. It is Bank Plus' only branch outside Southern California.
Bank Plus opened the Minnesota branch in early 1998 but put it on the block in August 1999 as part of a larger cost-cutting effort. The company sold off eight branches last year, leaving it with 30 in Southern California.
The Mall of America branch, with $11 million of deposits, would be Highland's seventh in the Twin Cities area. The sale is expected to close in May.