What I learned from buying a troubled bank

At the end of July 2013, we invested $1.8 million to buy 49 percent of Flagship Financial Group, Inc. This was the start of one fun journey that continues today. The primary asset of the organization was Flagship Bank Minnesota, which had two locations in the Twin Cities metro area. The bank was under a cease and desist order and struggling with a high level of troubled assets. However, it had a great group of employees and was in a market that I knew very well. At the time, Flagship Bank Minnesota had $94 million in assets and $62 . . .

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