Bank of Elk River Elk River Minnesota

Bank of Elk River Elk River Minnesota was founded in 1885.  The company is on the problem bank list.  It was essentially cited for having incompetent management.  That is probably why the Texas ratio is 98%.

The bank also has the distinction of being on the under capitalized bank list. That is not a good list to be on.

They have assets of $417MM and equity of $31MM.

The problem loan portfolio in the relation to the equity base is impressive.  They have $41MM in problem loans with $38MM on non accrual.

This place is looking bankrupt.

How come they are not shut down.

For some reason, they forgot to post their financial statements or tell you who the management team is.  Looks like these guys are in hiding, looking at this disaster, I can’t blame them.

It must be tough to show your face in town after destroying a 126 year old financial institution.

Do you have money in this bank, it soon might be floating down the Elk River.

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