Small Minnesota bank fails, ups year tally to 73

Source: Reuters


* Pinehurst Bank had about $61 million in assets

* Hundreds of small U.S. banks still struggling

WASHINGTON, May 21 (Reuters) - A one-branch bank in St. Paul, Minnesota, on Friday became the 73rd U.S. bank to fail so far this year.

Pinehurst Bank, which had about $61 million in assets and 18 employees, advertised itself as having "genuine neighborhood banking." It is just one of hundreds of small banks that are still struggling to recover from the deep credit crisis that left them saddled with large portfolios of bad loans.

The Federal Deposit Insurance Corp said Coulee Bank of La Crosse, Wisconsin, will assume all of the deposits of Pinehurst Bank.



Read more: http://www.reuters.com/article/idUSN2121385720100521