OTSEGO, MN — Federal and state regulators on Friday closed another bank in Minnesota; this time a bank branch in Otsego, according to WCCO.

The bank’s heavy real estate lending focus proved to be its downfall, according to WCCO.  As of June 30, 90 percent of the bank’s loan portfolio was classified as real estate, and commercial real estate represented the biggest chunk. Some also may recall in 2005, three bank workers were killed in an office building the bank occupied in Ramsey after a wrongly installed pipefitting led to a gas leak and explosion.

The two branches of Riverview Community Bank of Otsego, which had about $108 million in assets at the end of August, will reopen Saturday as branches of Stillwater-based Central Bank.