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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information

Information for Pinehurst Bank, Saint Paul, MN

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Purchase and Assumption Agreement (235 KB PDF File - PDF Help)
  7. Bid Summary
  8. Receivership Termination

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I.  Introduction

On Friday, May 21, 2010, Pinehurst Bank, Saint Paul, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.

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II.  Press Release

The FDIC has issued a press release (PR-118-2010) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.

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III.  Acquiring Financial Institution

All deposit accounts, including brokered deposits, have been transferred to Coulee Bank, La Crosse, WI and will be available immediately.  The former Pinehurst Bank location will reopen as a branch of Coulee Bank during regular business hours.

You may contact Coulee Bank at:

Coulee Bank
1516 Losey Boulevard South
La Crosse, Wisconsin 54601

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

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V.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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V.  Dividend Information

Dividend History on Pinehurst Bank

Dividend Information on Failed Financial Institutions

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VIII.  Receivership Termination

The FDIC as Receiver for the Pinehurst Bank Company has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership on July 10, 2012.

The Receiver has made all dividend distributions required by law.

Effective September 13, 2012, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.

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General Disclaimer

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