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Feds close 2nd Woodbury bank

Brickwell Community Bank has been closed by regulators, making it the second Woodbury bank shuttered and sold in about two weeks.

Brickwell was shut down Friday by state revenue officials. The bank was carrying more assets than deposits as of July 24, the Federal Deposit Insurance Corp (FDIC) reported in announcing the closure.

Brickwell, 525 Commons Drive, reopened today as a branch of CorTrust Bank of Mitchell, S.D. CorTrust is assuming Brickwell's $63 million in deposits and essentially all of its $73 million in assets, the FDIC said in a statement.

Customers can continue banking through the Woodbury branch. They can access their money by check or ATM or debit card and make loan payments as usual, the FDIC said. Brickwell customers who have questions can call the FDIC at (800) 815-0268.

On Aug. 28, Mainstreet Bank, which has Woodbury and Newport branches, was closed by regulators. It reopened under the ownership of Stillwater-based Central Bank.

Brickwell was the third FDIC-backed Minnesota bank to fail this year.

Check back for updates and see the Sept. 16 print edition of the Woodbury Bulletin for more information.