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Fed gives orders to St. Paul bank; The Federal Reserve bank of Minneapolis tells American Bank to clean up its balance sheet, a sign of a tightening regulatory stand.

Publication: Star Tribune (Minneapolis, MN)
Publication Date: 31-JUL-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Fed gives orders to St. Paul bank; The Federal Reserve bank of Minneapolis tells American Bank to clean up its balance sheet, a sign of a tightening regulatory stand.(BUSINESS)

Article Excerpt
Byline: CHRIS SERRES; STAFF WRITER

Three years ago, American Bank of St. Paul took a $5 million loss on a loan to jailed Backstreet Boys founder Lou Pearlman after it was discovered that Pearlman had perpetuated a huge Ponzi scheme.

Now, federal regulators have taken notice. Far-flung business loans such as the one to Pearlman are a major reason why the St. Paul-based community bank -- one of the state's largest, with $655 million in assets and 13 branches -- was hit with an enforcement action by the Federal Reserve Bank of Minneapolis that was made public Thursday.

The Minneapolis Fed last week ordered American to cleanse its balance sheet of problem loans and to submit a plan explaining...

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