Economies: crisis moves - literally - from Wall Street to Mainstreet
If there is one place where the workers must have been really nervous, it must have been a business called Mainstreet. Now the crisis has closed them down.
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The Mainstreet in question is, or rather, until yesterday, was, a bank in Forest Lake, Minnesota.
It's not a big bank. It had eight branches and only just over USD450 million in assets and just over USD434 million.
Of it's USD450 in assets, more than half are bad or doubtful - so much so that Central Bank, Stillwater, Minnesota, which is taking over Mainstreet, has agreed to do so only on the basis that its risks are limited by FDIC.
FDIC will have to find just under USD100 million - the least costly option, it says - to finalise the deal.
Mainstreet was the 83rd bank closed this year - and the second yesterday.
More information on closed financial institutions is at www.BankingInsuranceSecurities.Com
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