Schafer: St. Paul's American Bank gets back to banking basics

  • Article by: LEE SCHAFER , Star Tribune
  • Updated: April 23, 2013 - 10:09 PM

American Bank of St. Paul made a profit in its first quarter, which would be unremarkable except that the last time it did so was in 2007.

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regionguyApr. 24, 1310:45 PM

There is actually more to the story than that, as I recall. American Bank came about in the early 2000's when it absorbed Midway National. Midway was established back in the 1920's and for many decades was a conservative, highly-capitalized bank that managed to survive even the Great Depression. The new owners got aggressive and drove the capital ratios way down, setting themselves up for the follies that are described in this article.

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