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BankFirst, which is chartered in Siouc Falls., S.D. but is owned by Minneapolis-based holding compan and maintains its executive team in the Twin has been issueda “Prompt Corrective Action by the Fed, which made the announcement The bank has until July 15 to increase equitu through the sale of share s or contribution to surplus, or sell itself to another bank or groupp of individuals. The bank did not immediatelyu respond to requestsfor comment. BankFirs the Federal Deposit Insurance list of Twin Cities banks suffering firstquarter losses. The bank lost $14.44 million in the first quarter andhad $18.3 million in loans that were between 30 and 90 days past due on its balance sheet.
BankFirst entered into a written agreement with the Federal Reserve Bank in 2007 to clean up its loan TheFederal Reserves’ latest order also includesa additional restrictions on the bank’s finances, includingf the compensation of senior executive
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