Did you ever wonder what would happen if Jesus ran a bank? Forget for a moment the whole strange convergence of the son of God and money which, from my understanding of the Bible, he kinda shunned. One would think that a Jesus endorsed bank would be highly successful in all of its dealings. A bank in Otsego decided to put the two together but is now having some trouble:
The six-year-old bank, which has branches in Otsego and Anoka and $127 million in assets, was ordered to increase its capital after allegedly engaging in "unsafe or unsound banking practices," including operating with inadequate reserves and excessive loan losses, according to an order issued by the Federal Deposit Insurance Corp. on April 7 and made public Friday.
There is no word yet on whether this is an official divine rebuke...
What the article doesn't mention, however, is that this bank is owned by state representative Mary Kiffmeyer. After hearing a lot during the last election about how "integrity counts", it now appears as though there are some random conditions to that whole integrity thing.As people enter their polling place next year in House District 16B or perhaps Senate District 16 or heaven help us all across the state to elect the fiscally conservative candidate, will an image run through their mind of Kiffmeyer giving out so much money that even the dreaded government has to step in and tell her to stop?
1 Response to "Faith Banking And Mary Kiffmeyer"
Riverview Was cited with a number of regulation violations, including “operating with a board of directors that has failed to provide adequate supervision over and direction to the management of the Bank, engaging in hazardous lending and lax collection practices, operating with excessive loan losses and with an excessive level of adversely classified loans or assets, operating with inadequate liquidity in light of the Bank’s asset and liability mix and operating with an inadequate risk rating and loan review system.”
That’s no surprise with Kiffmeyer on the board. In fact it reflects her tenure as Secretary of State when she pleaded to lax record keeping in overpaying her employees by hundreds of thousands dollars and filing mileage reimbursements that made a trip from Big Lake to ST. Paul look like the Shackleton expedition.
Taxpayers were never reimbursed for those mistakes and it looks like once again taxpayers will have to bail out Mary and those who trusted her.
It’s kind of surprising that there has never been a conflict of interest claim against Kiffmeyer who became a board member and owner while she was Secretary of State.
Her depositors may trust in the Lord but they should thank FDR for the FDIC because that’s who’s going to save them.
At least with Mark Olson we didn’t have to Bail out a whole bank, just one Representative.