ALPHARETTA, Ga., Oct. 24 /PRNewswire/ -- Effective October 24, 2008 at 4:00 p.m. EDT, Stearns Bank N.A. headquartered in St. Cloud, Minnesota acquired all insured deposits of Alpha Bank & Trust located in Alpharetta & Marietta, Georgia. Insured depositors of Alpha Bank & Trust will automatically become depositors and customers of Stearns Bank and will retain uninterrupted services and access to their accounts.
Stearns Bank is an independently owned financial institution established in 1912, under current ownership since 1964. Stearns Bank has grown to more than one billion dollars in assets with locations in St. Cloud, Edina, Albany, Holdingford, and Upsala, MN, along with Scottsdale, AZ. Stearns Bank also has a nationwide Equipment Finance Division based in Albany, MN and an Accounts Receivable Finance Division located in Utah.
Norman C. Skalicky, CEO of Stearns Bank, said, "The current capital position of Stearns Bank is approximately $250 Million. We have over 23% capital in our banking system today. This is three times the average capital of all commercial banks in the United States, four times what is considered being well capitalized, and almost ten times what some of the investment banks have or had.
"We have a very sound and diversified asset portfolio spread between six different financial products. We are pleased to bring the safety and soundness of Stearns Bank to the former depositors of Alpha Bank & Trust."
SOURCE Stearns Bank N.A.
For further information: Norman Skalicky or Harley Vestrum of Stearns Bank N.A., +1-320-650-2386, harleyv@stearns-bank.com
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