The banking unit of American Bancorporation in St. Paul, Minn., has plans to shutter at least its third branch of the year by the end of this month.

The $413 million-asset American Bank of St. Paul has already closed a branch in St. Paul in July and one in Burnsville in April, the Minneapolis/St. Paul Business Journal reported Thursday. The latest branch scheduled for closure is also in St. Paul, the Business Journal reported.

American Bank has been under a written agreement with the Federal Reserve Board since July 2009 that required it to enhance its loan review process and strengthen its credit administration. The bank has lost $56.8 million since 2008, the Business Journal reported.  

American Bank currently has nine branches, according to its website.

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