Riverview Community Bank of Otsego Closes Two Branches

ST. PAUL, Minn. (AP) - Federal and state regulators have closed another Minnesota bank.

The two branches of Riverview Community Bank of Otsego will reopen Saturday as branches of Stillwater-based Central Bank.

Riverview Community Bank had about $108 million in assets at the end of August,

Central Bank had $431 million in assets as of June 30.

But three recent acquisitions will push Central Bank over the $1 billion mark. The bank picked up eight Twin Cities locations from the failed Mainstreet Bank of Forest Lake in September and Jennings State Bank's Stillwater and Spring Grove locations this month.

It is the fifth bank in Minnesota to fail this year.

So far, 106 banks in the nation have collapsed this year under the weight of soured real estate loans and the Great Recession.

(Copyright 2009 by The Associated Press. All Rights Reserved.)