The RiverBank

Last updated
The RiverBank
Company type Public
Industry Financial services
Founded1920 (1920) in Osceola, Wisconsin
DefunctOctober 7, 2011 (2011-10-07)
FateReceivership
SuccessorCentral Bank, Stillwater
Headquarters,
Area served
Wisconsin and Minnesota
Key people
Craig C. Danielson, CEO
Products Banking services, Insurance and Investments
Number of employees
179 (2008)
Website www.theriverbank.com [ dead link ]

The RiverBank was an American bank offering banking, insurance and investment services in Wisconsin and Minnesota. On October 7, 2011 the Minnesota Department of Commerce shut down The RiverBank and subsequently the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of The RiverBank. [1]

Contents

History

The RiverBank Osceola branch. RiverBank-Osceola.png
The RiverBank Osceola branch.

In 1894, Charles Oakey made a decision that Osceola needed to have a bank. Mr. Oakey planned the organization of a private bank and opened for business in the "Filzen Building," now known as "P.Y.'s." Charles' nephew, Harry Harding, joined him as a cashier and they managed The Bank of Osceola for the next four decades. In 1903, the bank became a state bank and corporation.

The demand for financial services increased to the point where another bank appeared practical, so Jean A. Sleeper seized the opportunity, organized a new bank and built a brick building for it across the street from The Bank of Osceola. The new Osceola State Bank opened to the public on October 21, 1916. Both banks prospered for several years, then came the Stock Market Crash, the Great Depression and the bank holiday. When order had been restored in late 1932, the two banks had merged. The bank was now under the leadership of Mr. B. J. Zimmerman, who had been with the Osceola State Bank since 1923.

In 1996, the bank, in response to industry changes, looked to expand its market area and purchased property in both St. Croix Falls, Wisconsin and North Hudson, Wisconsin. The bank looked to change its name to more closely align with its planned expansion in the St. Croix Valley. In August 1995, the Bank of Osceola became known as The RiverBank. The bank opened its first branch in St. Croix Falls in December 1995. The second branch facility was opened in North Hudson, Wisconsin in May 1998. Locations were then added in MarketPlace Foods and Somerset, Wisconsin and in Chisago City and Wyoming, Minnesota.

On October 7, 2011 the Minnesota Department of Commerce shut down The RiverBank after years of losses and concerns from the regulator of high concentration of land and land-development loans the bank had made in outlying areas of the Twin Cities. Subsequently the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposits were moved to Central Bank, Stillwater, Minnesota. [1]

Locations

The RiverBank had locations in: [2]

Related Research Articles

<span class="mw-page-title-main">Chisago County, Minnesota</span> County in Minnesota, United States

Chisago County is a county in the east-central part of the U.S. state of Minnesota. The county covers an area of 442 square miles and, as of the 2020 Census, had a population of 56,621 people. It is part of the Minneapolis-St. Paul-Bloomington Metropolitan Statistical Area.

<span class="mw-page-title-main">Federal Deposit Insurance Corporation</span> US government agency providing deposit insurance

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".

<span class="mw-page-title-main">St. Croix River (Wisconsin–Minnesota)</span> River in Wisconsin and Minnesota, United States

The St. Croix River is a tributary of the Mississippi River, approximately 169 miles (272 km) long, in the U.S. states of Wisconsin and Minnesota. The lower 125 miles (201 km) of the river form the border between Wisconsin and Minnesota. The river is a National Scenic Riverway under the protection of the National Park Service. A hydroelectric plant at the Saint Croix Falls Dam supplies power to the Minneapolis–St. Paul metropolitan area.

<span class="mw-page-title-main">Area code 651</span> Area code for Saint Paul, Minnesota and eastern suburbs

Area code 651 is the telephone numbering plan code for Saint Paul, Minnesota, and the eastern suburbs of the Twin Cities. A dogleg portion also extends to the southeast along the Mississippi River to include cities such as Hastings. The region was the fifth area code created in the state in 1998, when it was carved out of area code 612.

<span class="mw-page-title-main">Stillwater Bridge (St. Croix River)</span> Bridge in Stillwater, Minnesota

The Stillwater Bridge is a vertical-lift bridge crossing the St. Croix River between Stillwater, Minnesota, and Houlton, Wisconsin. It formerly connected Minnesota State Highway 36 and Wisconsin Highway 64. Around 18,000 vehicles crossed the bridge daily. The new St. Croix Crossing bridge crossing the St. Croix river valley to the south of Stillwater replaced its purpose, having opened to highway traffic on August 2, 2017, leaving the Stillwater Lift Bridge to be preserved and to be converted to bicycle/pedestrian use.

<span class="mw-page-title-main">Industrial loan company</span> FDIC-insured financial institutions with unique regulatory status

An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. They provide niche financial services nationwide. ILCs offer FDIC-insured deposits and are subject to FDIC and state regulator oversight. All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the non-bank parent company." ILCs are permitted to have branches in multiple states. They are regulated and supervised by state charters and insured by the Federal Deposit Insurance Corporation. They are authorized to make consumer and commercial loans and accept federally insured deposits. Banks may not accept demand deposits if the bank has total assets greater than $100 million. ILCs are exempted from the Bank Holding Company Act.

<span class="mw-page-title-main">Interstate Park</span> United States historic place

Interstate Park comprises two adjacent state parks on the Minnesota–Wisconsin border, both named Interstate State Park. They straddle the Dalles of the St. Croix River, a deep basalt gorge with glacial potholes and other rock formations. The Wisconsin park is 1,330 acres (538 ha) and the Minnesota park is 298 acres (121 ha). The towns of Taylors Falls, Minnesota and St. Croix Falls, Wisconsin are adjacent to the park. Interstate Park is within the Saint Croix National Scenic Riverway and the Ice Age National Scientific Reserve. The western terminus of the Ice Age National Scenic Trail is on the Wisconsin side. On the Minnesota side, two areas contain National Park Service rustic style buildings and structures that are listed on the National Register of Historic Places.

<span class="mw-page-title-main">Osceola and St. Croix Valley Railway</span>

The Osceola and St. Croix Valley Railway is a heritage railroad in Osceola, Wisconsin owned and operated by the Minnesota Transportation Museum. It operates on former Minneapolis, St. Paul and Sault Ste. Marie Railroad trackage now owned by the Canadian National Railway.

United Commercial Bank was an overseas Chinese bank in the United States, based in San Francisco, California. It was a subsidiary of UCBH Holdings. Founded in 1974 as United Federal Savings and Loan Association, it changed its name to United Savings Bank, and finally United Commercial Bank in 1998. It had operations and branches located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York, Boston, Greater Seattle Area, Hong Kong, Atlanta, Houston, Shanghai and two representative branches in Taipei, Taiwan and Shenzhen, China. United Commercial Bank was closed by regulators on November 6, 2009; it was the 120th U.S. bank to fail in 2009, and it had $11.2 billion in assets at the time of the bank failure. East West Bank of Pasadena, California, acquired all the deposits of UCBH.

<span class="mw-page-title-main">Wisconsin Highway 35</span> Highway in Wisconsin

State Trunk Highway 35 is a Wisconsin state highway running north–south across western Wisconsin. It is 412.15 miles in length, and is the longest state highway in Wisconsin. Portions of WIS 35 are part of the Great River Road.

<span class="mw-page-title-main">St. Croix Boom Site</span> United States historic place

The St. Croix Boom Site is a historic and scenic wayside on the St. Croix River in Stillwater Township, Minnesota, United States. It commemorates the location of a critical log boom where, from 1856 to 1914, timber from upriver was sorted and stored before being dispatched to sawmills downstream. The site was developed as a roadside park along Minnesota State Highway 95 in the 1930s. In 1966 it was designated a National Historic Landmark for its national significance in the theme of industry. It was nominated for being the earliest, most important, and longest serving of the log storage and handling operations that supported Minnesota's major logging industry. Virtually no traces remain of the site's original buildings and structures.

Corus Bankshares, Inc. operated as the holding company for Corus Bank, N.A., a United States company that offered consumer and corporate banking products and services.

First Midwest Bancorp, Inc was headquartered in Chicago, Illinois, just east of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, southeast Wisconsin and the Quad Cities area including Iowa. First Midwest Bank is one of the largest banking institutions in the United States

Guaranty Bank was a bank based in Milwaukee, Wisconsin. It had 119 branches, 107 of which were kiosks in grocery stores and Walmart Supercenters. The bank operated in five states: Wisconsin, Illinois, Michigan, Minnesota, and Georgia. The bank also operated locations under the name BestBank. On Friday, May 5, 2017, as a result of bank failure, the bank was shut down by the Office of the Comptroller of the Currency. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the bank were sold to First Citizens BancShares.

<span class="mw-page-title-main">Northern Pacific class S-10</span> Historic type of railroad steam engine

The Northern Pacific class S-10 was a type of steam locomotive in use on American railroads in the early 20th century. The first engines of the type were introduced in 1905, and ten were acquired by the Northern Pacific Railway (NP) in 1907, continuing in service until the 1930s and 1940s. One of the engines, Specifically No.328, has been preserved.

Point Douglas to Superior Military Road, also known as Point Douglas to St. Louis River Military Road was a road that ran between Point Douglas, located at the outlet of the Lower St. Croix Lake near Hastings, Minnesota, first to the falls of the St. Louis River near Thomson, Minnesota, and later extended to the mouth of the St. Louis River in Superior, Wisconsin. From Douglas Point immediately east of Hastings, Minnesota, the route connected Stillwater, Taylors Falls, Sunrise, Chengwatana, Fortuna, Scotts Corner, to Thomson and Superior. Several discontinuous sections of this road are still in use.

Franconia is an unincorporated community in Franconia Township, Chisago County, Minnesota, United States.

<span class="mw-page-title-main">Altoona Subdivision</span>

The Altoona Subdivision or Altoona Sub is a 90.7-mile (146.0 km) railway line owned and operated by the Union Pacific Railroad in the states of Minnesota and Wisconsin. The line originates in Saint Paul, Minnesota, crosses the St. Croix River on the Hudson Bridge into Hudson, Wisconsin, and eventually terminates in Altoona, Wisconsin where it connects to the Wyeville Subdivision. This subdivision is formerly a Chicago and North Western Railway (C&NW) mainline, on which the Twin Cities 400 operated in the mid 1900s.

<span class="mw-page-title-main">1886 St. Croix River log jam</span> American logging incident

On June 13, 1886, a log jam developed in the St. Croix River, close to Taylors Falls, Minnesota, and St. Croix Falls, Wisconsin. The river was used to transport large quantities of logs from the forests upstream to the sawmills, and log jams disrupted this business. The 1886 jam was described at the time by a local journalist as "the jammedest jam" he had encountered, and was very difficult to clear, with hundreds of men working for six weeks to clear it, eventually using steamboats and dynamite. The jam was also a major tourist attraction, with thousands of spectators every day. After the jam was broken up in July, cleanup work to remove the logs on the river banks continued until September.

References

  1. 1 2 "RiverBank shut down; Central Bank takes over branches in Wyoming and Chisago City, Minn., and Osceola, Hudson and St. Croix Falls, Wis". TwinCities.com. October 6, 2011.
  2. "The RiverBank Locations". The RiverBank. Archived from the original on February 9, 2008.