The former president of a Beulah bank has been barred from working at any financial institution in North Dakota because of bad business practices. The state Bank Board says the alleged transgressions occurred while Brady Torgerson worked at First Security Bank-West in 2020. Torgerson is accused of issuing loans above the lending limits, making loans at a reduced interest rate, and distorting the bank’s financial position on quarterly reports. The board says he made 91 loans totaling $12.7 million without securing liens or gathering financial information. Torgerson says that he was caught off guard by the announcement. He says he had not decided if he will contest the order.
AP
(Photo: FSB West)
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