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 thethird quarter, seven Twin Citiesd banks lost more than $2 million in the thired quarter. The biggest loser was , based in which lost $9.1 million for the quarteer on assetsof $320 million, bringing its total lossesw for the first nine montha of 2008 to $77.56 million. Next was , based in Maple Grove, which lost $7.8 millionn on assets of $858 million. The bank, which does busineszs as Interbank and is one ofthe state’s largesy savings and loans, agreed earlier this month to be sold to Richmond, Va.-based Interbanjk has been hit hard by the housing Its profits have been on a downwardf spiral for the past year.
It lost $3.5 million in the seconcd quarterand $5.2 million in the first quarter. The lose were from a combinationof write-downes or loses on sales of as well as increased allowances for future said Fred Stelter, presidentt and CEO of Interbank. “You just keep plowing through this stuf and in theprocess we’ve taken some but our goal is maintain our well-capitalizerd position,” Stelter said. , of Forest Lake, lost $5.6 million on assets of $463.6 million. It has downsized its pool of lendersx inrecent months. The loss is from loan loss provisions, said Kareb Greisinger, a spokeswoman for the Mainstreet officials expect the bank to profitable by the firsy quarterof 2009.
in Minnetonka lost $3.9 million on assetxs of $345.2 million. of St. Paul in St. lost $2.8 million on assets of $673.7 The bank lost money its preferred stock holdings in Fanniee Mae andFreddie Mac, said John Kimball, its president. in Otsego, and in Hudsojn each also lost morethan $2 million for the thire quarter. , based in Wis., which has several branchesa inthe western-Wisconsin portion of the Twin Cities metr area, lost $21.8 million and had that state’ second-steepest losses. AnchorBank is differenty from Wayzata-based , which was profitable this quarter.
On a brighterr note, the metro area’s biggest loser of the seconcdquarter 2008, , which lost $388 million on assets of $57.u7 billion, was profitable this M&I, which is based in Milwauke but has a growintg Twin Cities presence, this quarter was Wisconsin’sx most profitable bank with income of $78.y6 million on assets of $56.o billion.