Loading ...Stearns Bank VP: “Absolutely No Risk To Anybody.”
The words “Imagine The Possibilities” greet members at the former Horizon Bank in Pine City. Soon, a new slogan will grace the entrance. The bank looks the same, the people are, for the most part, the same, but a new era in banking started its first full week, Monday.
Stearns Bank purchased over $84-million in assets and agreed on taking all of the deposits from the failed Horizon Bank, which was shut down Friday. The FDIC will retain the remaining assets for later disposition. Horizon Bank becomes the first FDIC-insure institution to fail in Minnesota, and the 43rd in the nation this year. As of March 31, 2009, Horizon Bank had total assets of $87.6 million and total deposits of approximately $69.4 million.
FDIC Regional Ombudsman, Janet Kincaid, says the transition for bank members should be seamless.
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Stearns Bank headquarters in St. Cloud and has locations in Albany, Holdingford, and Upsala MN, along with Scottsdale, Arizona. Stearns Bank Senior Vice President, Steve Domine, says Stearns was attracted to Pine City because of the community feel.
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Residents, business owners, and media poured into the Pine City bank this weekend. Domine says the majority of the questions involved wanting to know what happens to the individual accounts. He believes members are leaving feeling encouraged that their assets are in good hands.
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Pine County and Pine City both transferred their accounts from Horizon, when the bank began facing troubles. Domine says Stearns will work hard to prove they can handle large accounts. He adds that the bank plans to focus on helping small businesses in the area, especially those looking to expand.
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Stearns Bank has over $1 billion in assets. In a statement released Friday, bank CEO Norman Skalicky said, “We are very pleased to have the opportunity to welcome the customers of Horizon Bank to Stearns Bank. We have always maintained a strong capital position at Stearns Bank.” Domine adds that the bank is prepared to move forward problem free.
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Customers with questions can call the FDIC call center, 866-954-9531.
PC Resident 06/29/09 at 3:07pm
I think this is a good thing… in the long run. The owners of Horizon Bank were anxious to become rich at any cost. Too many people blame the folks that defaulted on their loans… alot should be taken into consideration about the motivation for making those marginal loans in the first place. The board of directors were willing to look the other way for far too long.