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Create a More Connected Minnesota

A Minnesota-based bank has purchased the assets
of a Phoenix area bank.

      The Arizona Republic reports Stearns Bank National Association,
with more than $1 billion in assets, has purchased the assets of
Copper Star Bank.


      Stearns, which is headquartered in St. Cloud, says Copper Star customers will immediately become
customers of Stearns.


      In January, the Federal Deposit Insurance Corp. issued a
cease-and-desist order, essentially a reprimand, for Copper Star. A
Copper Star senior vice president says they were aware of issues
with its loan portfolio.


      Stearns has one Arizona location in Scottsdale, and with the
acquisition of Copper Star will have four Phoenix area branches.


      Copper Star Bank, which was chartered as Scottsdale Community
Bank, was formed in 2000. 

Stearns Bank, based in St. Cloud, has purchased the assets of Copper Star Bank in Phoenix.

Minn. bank purchases Arizona bank assets

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