Jennings State Bank closes; Central B...

Jennings State Bank closes; Central Bank of Stillwater to take ...

There are 97 comments on the TwinCities.com story from Oct 2, 2009, titled Jennings State Bank closes; Central Bank of Stillwater to take .... In it, TwinCities.com reports that:

Jennings State Bank made it through the Great Depression in the 1930s and the farm crisis of the 1980s, but the present-day real estate crisis proved too much for the little bank to bear.

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Pravin

White Plains, NY

#2 Oct 2, 2009
Failed Banks Total Goes to 98 in 2009 and 123 since 2008.

Warren Bank is the 96th FDIC-insured institution to fail in the nation this year, and the second in Michigan.
Jennings State Bank is the 97th FDIC-insured institution to fail in the nation this year, and the fourth in Minnesota
Southern Colorado National Bank is the 98th FDIC-insured institution to fail in the nation this year, and the third in Colorado.

Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009

Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009

Central Bank has acquired Jennings State Bank today.
On August 28, it has acquired Mainstreet Bank.
oldmanemil

Saint Paul, MN

#3 Oct 2, 2009
neither a lender nor a borrower be
Chopper

Minneapolis, MN

#4 Oct 2, 2009
What happened with customer who stole some collateral?
LiberalBuster

Kenly, NC

#5 Oct 3, 2009
another sign how effective obamas "stimulate the liberals" plan is working. What a GIANT failure obama is! 2012 is on its way...what did john edwards the tramppp say...help is on the way--well 2012 help is on the way--another one term idiot--like jimmy dumb dumb carter. what a damn joke!
Mike

Saint Cloud, MN

#6 Oct 3, 2009
Don't these people ever learn? They talk to us about having a varied portfolio when it comes to investing. But everytime one goes under, we find out they invested way too much money in real estate. Why? Because real estate is a fast way to get big returns. Until everything goes bad, and it always does and then they're left holding the bag. Ask Harold Greenwood how that happened back in the 80's at Midwest Federal.
Mike

Saint Cloud, MN

#7 Oct 3, 2009
LiberalBuster wrote:
another sign how effective obamas "stimulate the liberals" plan is working. What a GIANT failure obama is! 2012 is on its way...what did john edwards the tramppp say...help is on the way--well 2012 help is on the way--another one term idiot--like jimmy dumb dumb carter. what a damn joke!
Another wing nut with his misplaced message. This one is about banks and the real estate market. Not about liberals.
LiberalBuster

Kenly, NC

#8 Oct 3, 2009
Mike wrote:
<quoted text>Another wing nut with his misplaced message. This one is about banks and the real estate market. Not about liberals.
Look you big dork, obama told America on national television several times, if he didn't get the stimulus money NOW we would have major problems. He needed to save the banks and JOBS...well, dumb dumb guess what--the banks are dropping like flies and jobs are disappearing by hundreds of thousands every single month! The idiot LIBERAL has been in office nine months. Yes this is about Liberals! Get a clue!
In the Know

United States

#9 Oct 3, 2009
LiberalBuster wrote:
<quoted text>
Look you big dork, obama told America on national television several times, if he didn't get the stimulus money NOW we would have major problems. He needed to save the banks and JOBS...well, dumb dumb guess what--the banks are dropping like flies and jobs are disappearing by hundreds of thousands every single month! The idiot LIBERAL has been in office nine months. Yes this is about Liberals! Get a clue!
"LiberalBuster" You're an idiot and have no idea what you are talking about!

Jennings State Bank was put out of business because they had 2 brothers running it that didn't have a clue. Furthermore they were extremely poor businessmen that put profit before customer service and the best interests of the community via their predator lending practices.

Without exposing myself to libel, I will only say, "What goes around, Comes around!"

Dave & Paul reaped what they sowed!
Sandy Carlson

United States

#10 Oct 3, 2009
I don't know whether to laugh or cry. Common knowledge speaks larger than slander in the community of Stillwater. Nothing more has to be said than to look at the behavior and business practices of the Jennings themselves. Its' simply laughable that they would accuse a branch manager, who had very little lending authortity and who admiited to her wrong doing, of signing her terminally ill husband's name to a home equity loan somehow brought down the bank! Not to mention, that the loan was paid back, with interest, before it was due, and without the bank losing a dime! Rediculous!
LiberalBuster

Kenly, NC

#11 Oct 4, 2009
In the Know wrote:
<quoted text>
"LiberalBuster" You're an idiot and have no idea what you are talking about!
Jennings State Bank was put out of business because they had 2 brothers running it that didn't have a clue. Furthermore they were extremely poor businessmen that put profit before customer service and the best interests of the community via their predator lending practices.
Without exposing myself to libel, I will only say, "What goes around, Comes around!"
Dave & Paul reaped what they sowed!
Oh I do know what I am talking about...that is why it aggravates you, Dumb Dumb!
Still Knows

United States

#12 Oct 4, 2009
LiberalBuster wrote:
<quoted text>
Oh I do know what I am talking about...that is why it aggravates you, Dumb Dumb!
Liberals nor politics has anything to do with mismanagement and outright predator lending practices causing a bank to fail.

These guys (the Jennings brothers) were the reason for their failure, not the small fry's they are trying to blame it on. Obviously if Justesen had played a key role in their failure (would have teken millions of fraudulent loans), she would have been punished significantly more than just a few months in jail. By the way, the Jennings boys were almost thrown out of court at her sentencing because they didn't agree with the Judge's sentence. Maybe they also knew that the sentence wouyld reflect the magnitude of the crime and therefore couldn't be used as the big excuse they wanted it to be.

It would also be interesting to find out who is the person, or company, that stuck them with a million dollar bad debt.

Maybe all of the harmed parties by Jennings business practices should band together and tell the real story to the reporter?

Again, "What goes around, comes around."
Knows the Truth

Stillwater, MN

#13 Oct 4, 2009
"who admiited to her wrong doing, of signing her terminally ill husband's name to a home equity loan somehow brought down the bank"

Anne Justesen couldn't have cared less about her dying husband. She was having an affair with one of her customers that she was giving uncollateralized loans to. Stop trying to be awful people and understand that this a devastating blow for the community of Stillwater. The Jennings men were very involved in their community and cared very much for their employees. Also, the Jennings didn't harm anyone. They were harmed by customers they trusted to pay their debts. All they are guilty of is trusting people too much.
steven may

Verona, WI

#14 Oct 4, 2009
jennings bank wants everyone to think that their downfall was the result of everyone but the bank. I personally know that paul and david jennings were ingaged in dangerous and illegal banking practices as paul personally told me this and the fdic gave them a cease and desist order for doing so. this is of public record. the jennings brothers caused their own demise not outsiders as they allege.
you dont know the truth

Verona, WI

#15 Oct 4, 2009
Knows the Truth wrote:
"who admiited to her wrong doing, of signing her terminally ill husband's name to a home equity loan somehow brought down the bank"
Anne Justesen couldn't have cared less about her dying husband. She was having an affair with one of her customers that she was giving uncollateralized loans to. Stop trying to be awful people and understand that this a devastating blow for the community of Stillwater. The Jennings men were very involved in their community and cared very much for their employees. Also, the Jennings didn't harm anyone. They were harmed by customers they trusted to pay their debts. All they are guilty of is trusting people too much.
how dare you say anne didn't care about her husband. this will be a big plus for the community since our best local bank (central bank) will run it correctly and not put the peoples deposits in jeoprady.
Mike

Saint Cloud, MN

#16 Oct 4, 2009
LiberalBuster wrote:
<quoted text>
Look you big dork, obama told America on national television several times, if he didn't get the stimulus money NOW we would have major problems. He needed to save the banks and JOBS...well, dumb dumb guess what--the banks are dropping like flies and jobs are disappearing by hundreds of thousands every single month! The idiot LIBERAL has been in office nine months. Yes this is about Liberals! Get a clue!
Again, the reason you reach nobody with your message is that you insult people, they place a misguided and misinformed message. Pal, who started the bailouts? That's right, your guy. You conveniently forget that everytime. And when you get called on it, you say, "can't we just stop mentioning that?" Sure we can. So you can have more time to bash the guy trying to clean it up.
Da Troof Hurts

Hudson, WI

#17 Oct 5, 2009
Knows the truth I couldnt agree with you more.
Anne didnt give a rat's behind about her dying husband, she was too busy having affairs with her clients.
Steven May-learn to use your spell check before you post. Your poor spelling is insulting.
Recession Over

Long Lake, MN

#18 Oct 5, 2009
No wait, the recssion IS OVER..

Isn't it??????
LiberalBuster

Kenly, NC

#19 Oct 5, 2009
Mike wrote:
<quoted text>Again, the reason you reach nobody with your message is that you insult people, they place a misguided and misinformed message. Pal, who started the bailouts? That's right, your guy. You conveniently forget that everytime. And when you get called on it, you say, "can't we just stop mentioning that?" Sure we can. So you can have more time to bash the guy trying to clean it up.
What the heck are talking about? Get a doctor and get some rest.
Mike

Saint Cloud, MN

#20 Oct 5, 2009
LiberalBuster wrote:
<quoted text>
What the heck are talking about? Get a doctor and get some rest.
Please, give me your address. I'll send a psychiatrist over and he'll find out why you feel you need to be so angry and negative, bashing any efforts that are made as part of the economy. Maybe he'll find the chip that Rush Limbaugh implanted in your brain and you can go back to being normal, happy and hopeful again.
Still Knows

United States

#21 Oct 5, 2009
Knows the Truth wrote:
"who admiited to her wrong doing, of signing her terminally ill husband's name to a home equity loan somehow brought down the bank"
Anne Justesen couldn't have cared less about her dying husband. She was having an affair with one of her customers that she was giving uncollateralized loans to. Stop trying to be awful people and understand that this a devastating blow for the community of Stillwater. The Jennings men were very involved in their community and cared very much for their employees. Also, the Jennings didn't harm anyone. They were harmed by customers they trusted to pay their debts. All they are guilty of is trusting people too much.
The "Jennings" harmed the community all by themselves... ask some of the folks they screwed.

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