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Thursday A.M. Report

Regulators push InterBank to find buyer, 3M CEO’s pay increased 21% in 2009, Wells Fargo to buy GMAC assets and St. Cloud man pleads guilty to embezzlement

Regulators push InterBank to find buyer: InterBank, a Maple Grove-based savings and loan mired in bad mortgages, has until June 30 to find a buyer or face further sanctions, according to a recent order from regulators. The prompt corrective action directive, issued March 18 by InterBank’s regulator the U.S. Office of Thrift Supervision (OTS), orders the thrift to arrange a merger, or find a party willing to buy its assets and liabilities. Read full story 

3M CEO’s pay increased 21% in 2009: 3M Co. Chairman, President and CEO George Buckley received more than $14.9 million in total compensation in 2009, up 21 percent from $12.3 million in 2008, according to a regulatory filing. Buckley’s base salary was unchanged at $1.72 million, but all of his other income channels increased from the previous year. Read full story 

Wells Fargo to buy GMAC assets: Wells Fargo & Co. said Wednesday that it reached a definitive agreement to buy the North American factoring portfolio of GMAC’s commercial finance group. Terms were not disclosed. Read full story 

St. Cloud man pleads guilty to embezzlement: Steven James McDeid of St. Cloud pleaded guilty Wednesday to embezzling more than $50,000 in funds while serving as president of a postal-workers union, U.S. Attorney for the District of Minnesota B. Todd Jones said in a statement. McDeid, 62, was charged on March 5 with one count of embezzlement of assets. Read full story