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Woodbury branch part of Mainstreet Bank buyout

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Customers of now-defunct Mainstreet Bank, including its Woodbury location, should notice little change under the new ownership of Central Bank, that bank's CEO said today.

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Mainstreet Bank failed and was closed Friday by the Federal Insurance Deposit Corp. Its eight branches, including in Newport and Tamarack Village in Woodbury, reopened Saturday after the chain was bought by Stillwater-based Central Bank.

Customers can continue to use Mainstreet Bank checks, ATM and debit cards and Internet banking accounts, Central Bank CEO Larry Albert said.

"They don't really have to do anything," he said.

However, Mainstreet Bank customers will not be able to do business at a Central Bank branch for perhaps six months while the two computer systems are merged. That is common in bank mergers, Albert said.

Central Bank acquired about $430 million in deposits in the takeover, said FDIC spokeswoman LaJuan Williams-Dickerson.

See the Sept. 2 print edition of the Woodbury Bulletin for the full story.

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