Fed maps Minnesota bank failures
Federal Reserve Bank of St. Louis
A nationwide map of bank failures puts the Twin Cities situation in perspective.
A new Fed project has mapped Minnesota's bank failures from Access Bank[5] to RiverBank[6].
The Google-powered map from the Federal Reserve Bank of St. Louis actually charts all bank failures nationwide since 2007 by size, which puts the Twin Cities situation in perspective. [7]
Minnesota's historically had more banks per capita than other states, but also had more banks go under in the years immediately following the financial crisis than all but a handful of the hardest-hit states[8].
Federal Reserve Bank of Minneapolis[9] officials expect 2013 to bring fewer Minnesota bank failures[10] than prior years. So far, only one has failed: Andover's 1st Regents Bank[11], back in January[12].
The surviving — and thriving[13] — Twin Cities-based banks reported that they were well capitalized as of the end of June, according to a Minneapolis/St. Paul Business Journal analysis of Federal Deposit Insurance Corp.[14] data.
That doesn't mean Minnesota's banks aren't still fighting economic headwinds[15] and new regulatory burdens. Even the state's star performer, U.S. Bancorp[16], lost steam compared to last year[17]. Top finance executives are still split[18] on whether our financial system remains dangerously unstable[19].
But making money is more fun than losing it, as American Bank of St. Paul[20] CEO Tom Palmer[21] told me this morning. After recording 20 straight quarters of losses[22], a streak that started before he came on to lead a turnaround[23], the bank made more than $4 million in the first half of 2013.
"We've turned a corner. We feel good about it. It makes our employees feel good, it makes our customers feel better. It's very positive. It makes a long year when you're losing money," he said.
Jim Hammerand covers banking/finance, courts, and professional services
References
- ^ Jim Hammerand (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Google+ (plus.google.com)
- ^ Access Bank (www.bizjournals.com)
- ^ RiverBank (www.bizjournals.com)
- ^ The Google-powered map from the Federal Reserve Bank of St. Louis actually charts all bank failures nationwide since 2007 by size (research.stlouisfed.org)
- ^ Minnesota's historically had more banks per capita than other states, but also had more banks go under in the years immediately following the financial crisis than all but a handful of the hardest-hit states (www.bizjournals.com)
- ^ Federal Reserve Bank of Minneapolis (www.bizjournals.com)
- ^ expect 2013 to bring fewer Minnesota bank failures (www.bizjournals.com)
- ^ 1st Regents Bank (www.bizjournals.com)
- ^ in January (www.bizjournals.com)
- ^ and thriving (www.bizjournals.com)
- ^ Federal Deposit Insurance Corp. (www.bizjournals.com)
- ^ economic headwinds (www.bizjournals.com)
- ^ U.S. Bancorp (www.bizjournals.com)
- ^ lost steam compared to last year (www.bizjournals.com)
- ^ Top finance executives are still split (www.bizjournals.com)
- ^ whether our financial system remains dangerously unstable (www.bizjournals.com)
- ^ American Bank of St. Paul (www.bizjournals.com)
- ^ Tom Palmer (feeds.bizjournals.com)
- ^ recording 20 straight quarters of losses (www.bizjournals.com)
- ^ he came on to lead a turnaround (www.bizjournals.com)