FDIC hits 2 Minnesota banks with cease-and-desist orders

The Federal Deposit Insurance Corp. has issued cease-and-desist orders against two Minnesota banks for engaging in "unsafe or unsound business practices."

The federal agency, which insures the nation's bank deposits, cited both Horizon Bank of Pine City and Paragon Bank of Wells for operating with inadequate capital and failing to set aside adequate allowances for possible loan losses, according to separate cease-and-desist orders filed in January but made public today.