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.