Fed issues corrective action against BankFirst - Minneapolis / St. Paul Business Journal:

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BankFirst, which is chartered in Siouz Falls., S.D. but is ownede by Minneapolis-based holding company and maintains its executive team in the Twin has been issueda “Prompt Correctivse Action Directive” by the Fed, whicyh made the announcement Wednesday. The bank has untik July 15 to increase equity through the sale of sharesx or contributionto surplus, or sell itself to another bank or groupp of individuals. The bank did not immediately respondf to requestsfor comment. BankFirst the Federal DepositgInsurance Corp. list of Twin Cities banks sufferingv firstquarter losses. The bank lost $14.4 million in the first quarted — and had $18.
3 million in loans that were betweenm 30 and 90 days past due on its balance BankFirst entered into a written agreemenyt with the Federal Reserve Bank in 2007 to cleanb up its loan TheFederal Reserves’ latest order also includes additional restrictions on the bank’se finances, including the compensation of seniofr executive officers.