February 1, 2009 – 2:50 pm

Mainstreet Bank of Forest Lake, Minnesota, was slapped with an FDIC cease-and-desist order for unsafe lending practices. It seems like just yesterday that banks only knew how to lend recklessly, but the FDIC says Main Street Bank can no longer turn to its old ways. 

Mainstreet Bank of Forest Lake, one of Minnesota’s largest and oldest community banks, has received a cease-and-desist order from the Federal Deposit Insurance Corp., alleging “hazardous lending and lax collection practices.”  

You can read the PDF from the official FDIC webpage here.

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  1. One Response to “Mainstreet Bank, Forest Lake, Minnesota”

  2. I was watching this bank, 1). It was taken over by the FDIC This weekend, (08-29-09) The current president, Joe Tapp, is rumored to take over the helm of Olmsted National Bank in Rochester, MN. It was questioned why a person would move from a $400 million dollar asset bank to a $61 Million asset bank?

    By Tom on Aug 29, 2009

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