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Source: Wikipedia
Riverview Community Bank in Otsego, Minn., has been cited by the FDIC in connection with “unsafe and unsound banking practices.” Former Secretary of State and current Rep. Mary Kiffmeyer, R-Big Lake, is an owner and director of the bank — a bank that founders say was inspired by the hand of God.
But it seems God hasn’t spared the bank from the national economic downtown. According to FDIC documents (PDF), Riverview invested heavily in real estate and was operating with too few reserves.
“The FDIC considered the matter and determined that it had reason to believe that the Bank had engaged in unsafe and unsound banking practices and violations of law and/or regulation,” according to the FDIC’s order to cease and desist certain lending practices until the unsound practices are rectified.
It cited Riverview 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.”
The bank is directed by the FDIC to take corrective action to remedy the issues giving the bank 30 to 60 days to implement a new loan review system and improve liquidity.
The bank made news when it was founded in 2003 after founder Chuck Ripka said he heard the voice of God say, “Chuck, if you do all the things I told you to do, I promise you I will take care of the bottom line.”
Ripka told the Pioneer Press in 2004 that 77 people had “invited Christ into their lives” and that 70 “physical healings” had occurred.
The Lord would make the bank such a success that Ripka would be compelled to “tell the truth about what God is doing here,” he said.
Ripka left the bank in 2006, but Kiffmeyer is still listed as director and owner according to campaign disclosure records.
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14 Comments »
Comment posted June 2, 2009 @ 9:11 am
Well it looks like God’s message has turned to “Chuck. I’m on another line right now, can I get back to ya?”
Comment posted June 2, 2009 @ 10:42 am
So God now has time to be a silent partner in a Minnesota bank? Priceless. What did it say in the bible again about the evil money changers??
Comment posted June 2, 2009 @ 11:01 am
Unsound banking practices doesn’t mean they are evil. C’mon. Poor business people, sure. On the other hand, I read the Bible and claim to be Christian but, God has never verbalized anything. I’m a bit skeptical about people who have claim such things.
Comment posted June 2, 2009 @ 11:02 am
And then God said, “Chuck, the bubble is about to burst, take your money and run before anyone knows what you’ve doing!”
If your banker said fairies were talking to him, would you trust him with your checking account, let alone become an investor? yet when he says God spoke directly to him, he gained credibility.
Comment posted June 2, 2009 @ 11:16 am
Color me skeptical that G-d has a specific interest in the profitability of these capitalists wearing their faith on their sleeves
Comment posted June 2, 2009 @ 11:23 am
Shameful. Hope she gets beat up by this.. she has made so many outrageous comments of our elections and Mark Ritchie.. I hope this will be enough to discredit her and she has to leave this state.
Comment posted June 2, 2009 @ 12:20 pm
I saw the name of the bank and remembered they were the bible-thumping wing-nuts featured a few years ago. Who knew- ever GOD wants a bailout now. Anyone that hears voices needs mental health, not investors. Sheesh.
Comment posted June 2, 2009 @ 3:54 pm
I don’t believe God feels it is right to rip people off, but then again I don’t really have conversions daily with him like Mary does.
I think we could throw this in the “conflict of interest” pile.
Comment posted June 2, 2009 @ 9:17 pm
Child soldier in Africa: I want a different life, oh God. Please spare me this life of torment.
God: Sorry kid, I’m a capitalist. My most important commandment is that to profit is to be holy, that business is next to holiness. Seek ye dollars, and I will write your name in the double entry ledger book of the Kingdom.
Comment posted June 2, 2009 @ 10:25 pm
Good story, Mr. Birkey.
Comment posted June 4, 2009 @ 4:31 am
I no longer trust ANYONE that says “God wanted me to do it”.
Comment posted June 4, 2009 @ 2:47 pm
Apparently God has seen the writing on the wall and pulled out of his venture into banking with right wing rads.
Comment posted June 9, 2009 @ 1:51 pm
Jeebus told me to tell Mary Kiff that the jig is up.
Comment posted October 29, 2009 @ 12:55 pm
Chuck, Duane and the original group…
The day you guys turned me down for my loan for MACH Safety Glass I knew that this day would come. I have been a Christian for a long time and when I entered your bank in 2003 I felt like your hearts were in the right place. But when we were turned down I knew God was not in this bank because He knows my heart. If God is truly in something He would never let it fail. Mach Glass is still here, but the bank is not. I am grateful God has kept watch over us.
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