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Like numerous community banking institutions, Main road gets stung by loans it built to designers and builders throughout the estate that is real, when property rates had been going nowhere but up

Like numerous community banking institutions, Main road gets stung by loans it built to designers and builders throughout the estate that is real, when property rates had been going nowhere but up

Principal road Bank of Forest Lake, certainly one of Minnesota’s biggest and earliest community banks, has gotten a cease-and-desist purchase through the Federal Deposit Insurance Corp., alleging “hazardous lending and lax collection methods.”

Now, those loans are souring at an alarming price, and banking institutions that contain the loans are now being purchased by state and federal regulators to clean their lending practices up.