OCC Appoints Receiver for Community National Bank of Lino Lakes

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Community National Bank of Lino Lakes, Lino Lakes, Minnesota. As of September 30, 2010, the bank had approximately $31.6 million of total assets.

The OCC acted after finding that the bank had experienced a substantial dissipation of assets and earnings due to unsafe or unsound practices, the bank's unsafe or unsound practices or conditions were likely to continue to cause substantial dissipation of assets and earnings and weaken the bank's condition, and the bank, by resolution of its board of directors and its shareholders, consented to receivership.

The FDIC will release information about the resolution of the bank.