Horizon Bank, Pine City, MN

On Friday, June 26, 2009, Horizon Bank, Pine City, MN, was closed without notice by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

Horizon Bank of Pine City, which has struggled with soaring real estate losses, was shut down today by state regulators.

Larger Stearns Bank of St. Cloud has agreed to take on Horizon’s depositors and to purchase most of the bank’s assets. The Federal Deposit Insurance Corp. stressed in a release that the deposits will continue to be insured so there is no need for customers to change their banking relationship.

Visit the official FDIC web page for more information.

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