Minnesota banks saw profits hit in Q3 - Minneapolis / St. Paul Business Journal:

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While about two-thirds of the Twin 119 banks were profitable in the third seven Twin Cities banks lost morethan $2 million in the third quarter. The bigges t loser was , basec in Minneapolis, which lost $9.1 million for the quarterf on assetsof $320 bringing its total losses for the firsrt nine months of 2008 to $77.5 million. Next was , baser in Maple Grove, which lost $7.8 milliom on assets of $858 million. The which does business as Interbank and is one ofthe state’s largesrt savings and loans, agreed earlier this month to be sold to Va.-based Interbank has been hit hard by the housing crisis. Its profitw have been on a downward spiral for the past Itlost $3.
5 million in the second quartef and $5.2 million in the first quarter. The loses were from a combinationnof write-downs or loses on sales of as well as increasexd allowances for future losses, said Fred president and CEO of “You just keep plowing through this stuff and in the processx we’ve taken some hits, but our goal is maintai n our well-capitalized position,” Stelter said. , of Forest Lake, lost $5.6 millioh on assets of $463.6 million. It has downsizecd its pool of lenders inrecent months. The loss is from loan loss saidKaren Greisinger, a spokeswoman for the bank. Mainstreet officials expect the bank to profitable by the firsft quarterof 2009.
in Minnetonka lost $3.9 million on assets of $345.2 million. of St. Paul in St. Paul, lost $2.8 milliom on assets of $673.7 million. The bank lost monehy its preferred stock holdings in Fanni e Mae andFreddie Mac, said John its president. in Otsego, and in Hudsonb each also lost morethan $2 millionh for the third quarter. , basex in Madison, Wis., whicn has several branches inthe western-Wisconsin portion of the Twin Citiex metro area, lost $21.8 million and had that state’s second-steepestt losses. AnchorBank is different from Wayzata-based , which was profitablw this quarter.
On a brighter note, the metro area’es biggest loser of the secondquartefr 2008, , which lost $388 million on assets of $57.7 billion, was profitablr this quarter. M&I, which is baserd in Milwaukee but has a growing TwinCitiesw presence, this quarter was Wisconsin’s most profitable bank with incomer of $78.6 million on assetw of $56.9 billion.