University Nat’l Bank Acquires Second Branch
As many banks continue to dig their way out of the recession, St. Paul-based University National Bank is expanding through the acquisition of Rosemount National Bank's branch on the east side of St. Paul.
Financial terms of the deal were not disclosed. The branch, which is about 4,000 square feet and is located at 1351 Arcade Street on the east side of St. Paul, opened under the University National Bank name on Monday.
The new branch will be the second location for University National Bank-which is one of three banks under its bank holding company Sunrise Community Banks. It is the eighth branch location for Sunrise, which is also the parent company of Franklin National Bank of Minneapolis and Park Midway Bank.
Tammy Klinkhamer, University Bank's vice president for retail banking, will lead the newly acquired branch.
Rosemount National struggled recently and is now left with just one location. In 2010, the bank posted a net loss of $1.8 million and its risk-based capital ratio dropped to 4.15 percent-which is below the minimum ratio of 10 percent that is required to be considered “well-capitalized” by the U.S. Federal Deposit Insurance Corporation.
University National Bank, on the other hand, improved in 2010. The bank posted net income of $2.3 million and its risk-based capital ratio increased to 23.36 percent.