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Wednesday P.M. Report

Report says Mainstreet Bank’s collapse was years in making: Mainstreet Bank was engaging in practices that would lead to its collapse as early as 2001, according to a recently released report from the U.S. Federal Deposit Insurance Corp.’s Office of the Inspector General. The Forest Lake-based bank, which had seven branches in Minnesota and one in Wisconsin, assumed its current name after merging with an affiliate in November 2001. It was around that same time that Mainstreet’ management decided to pursue growth related to commercial real estate and construction loans — a move the FDIC inspector general report describes as a “key factor in the bank’s failure.” Read full story

Dairy Queen launching Mini Blizzard: Dairy Queen is rolling out a new Mini Blizzard that will be roughly half the size of the 12-ounce small, the company announced today. The Mini Blizzard is currently being tested in selected markets, including Clearwater-St. Petersburg, Fla. and Louisville, Ky., and will be available nationwide starting in August. It will be priced between $1.99 and $2.49 at most stores. Edina-based International Dairy Queen Inc. owns and licenses more than 5,700 Dairy Queen locations worldwide. Read full story

Carlson signs U.N. Global Compact: Carlson Cos. Inc.President and CEO Hubert Joly has signed the United Nations Global Compact, making Carlson one of the first global travel and hospitality companies to do so, the company announced today. The compact is an initiative that encourages businesses worldwide to adopt sustainable and socially responsible policies supporting 10 principles in the areas of human rights, labor, the environment and anti-corruption. It was first announced by then-U.N. Secretary General Kofi Annan in January 1999, and it was officially launched in July 2000. Read full story

Dunn Bros. to fill former Starbucks space on Nicollet Mall: Dunn Bros.Coffee Franchinsing Inc.has signed a lease for the former Starbucks space in the Young Quinlan at the corner of Ninth Street and Nicollet Mall in downtown Minneapolis. A Dunn Bros. store is scheduled to open there in early June. It will be a company-owned location, but later could be assigned to a franchisee. Dunn Bros. President and Chief Financial Officer Kim Plahn said the Minneapolis coffee company was drawn to the Nicollet Mall site because of its proximity to Target Corp.’s headquarters and other nearby businesses, as well as community events such as the farmer’s market and Holidazzle Parade. Read full story

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