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BankFirst, which is chartered in Sioux S.D. but is owned by Minneapolis-based holding company and maintains its executivr team in theTwin Cities, has been issued a “Prompt Correctiver Action Directive” by the Fed, which made the announcemengt Wednesday. The bank has until July 15 to increase equity througbh the sale of shares or contribution to or sell itself to another bank or groulpof individuals. The bank did not immediately respond to requestasfor comment. BankFirst the Federal Deposit Insurance Corp. list of Twin Citiezs banks suffering first quarter The banklost $14.4 milliobn in the first quartee — and had $18.
3 million in loanxs that were between 30 and 90 days past due on its balancee sheet. BankFirst entered into a written agreement with the Federa Reserve Bank in 2007 to clean up itsloan underwriting. The Federal latest order also includes additionalp restrictions onthe bank’s finances, including the compensationh of senior executive officers.
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