Pillsbury Baptist Bible College campus clears foreclosure ... now owned outright by Community Resource Bank of Northfield

Owatonna residents are part of the Pillsbury task force

The campus is now owned outright by Community Resource Bank of Northfield. The bank lent money to Pillsbury Baptist Bible College in 2008, the same year the college closed its doors. The owners were unable to pay off the loans, which totaled $1.6 million, and the bank and the Pillsbury owners signed a Short Form Mortgage Foreclosure Agreement in July 2011.

On March 23, the Steele County Sheriff’s Office at a sheriff’s sale awarded the property to Community Resource Bank, which had $1,861,687.54 invested in the property through the loan to Pillsbury and accrued interest and fees. The sale was finalized on May 23.

1011 reads