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The Minnesota Department of Commerce on Frida y shutdown , transferring all the bank’x deposits to , based in St. Cloud. Formefr Horizon Bank branches opened Saturday as branche s ofStearns Bank. Horizon Bank had two one in North Branch and one in Pine Ithad $84.8 million in assets and $69. million in deposits, according to a first quartef regulatory filing. Regulators have had thei r eye on HorizonBank recently. In March, the Minneapoliz Federal Reserve Bank made public a written agreemenft withthe bank’s holding company, Pine City Bancorporationb Inc., in which the Fed tightened its oversighrt of the bank.
The bank’s capital ratios, which determinew how well a bank canwithstans losses, had also fallemn below regulatory guidelines for an adequately capitalized This is Minnesota’s firsty bank failure since May 2008, when First Integrity Bank of Staples was shuttere by federal regulators.
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