Another Bank Failure in Minnesota

On May 21st, Friday another small Minnesota bank closed its shutter down. The Federal Deposit Insurance Corp. has taken over St. Paul, Minnesota based Pinehurst Bank with $61.2 million in assets and $58.3 million in deposits. 73 banks have already failed in this year and this is more than double than the 2009.

With the mounting losses on commercial property loans the small banks are still finding difficult to let them alive. Although many institutions is already showing profits and significant good results but still some small and midsized banks are in danger of wiping out. Recession is over still banks are not getting out of its clutches.

So lets hope for the best.