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American Bank Shutters its Burnsville Branch

The St. Paul-based bank chain is closing its south-suburban branch in an effort to cut costs.

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Burnsvilleites who do business with American Bank will now have to drive to Bloomington or Apple Valley. In an effort to cut costs, the bank chain closed its Burnsville location in late April.  

According to the Minneapolis St. Paul Business Journal, the bank (described as one of the "riskiest lenders" in the Twin Cities) is slashing operations after losing $1.3 million in the first quarter of 2012. President and CEO Tom Palmer confirmed the closure in a brief interview with the Business Journal, but said the closure "should not be interpreted as an indicator of continued financial struggles."

To learn more, go to the Minnesota Department of Commerce web site or check out the bank's filings with the FDIC.

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