Minnesota Bank to Close Another Branch

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.

Jackie Stewart

Executive Editor, American Banker Magazine

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