(UPDATED) Charge: Man Swindles $200,000 from First National Bank of Northfield

 was reportedly swindled for $200,000 by a Lakeville man who is charged with bilking $1.4 million from four banks, according to a federal bankruptcy document obtained by Patch.

Kevin A. Dahl, 57, of Lakeville, was charged on July 10 in federal court with bank fraud for his alleged role in swindling First National Bank of Northfield, Lake Area Bank, Voyager Bank and Community Banks of Colorado.

Editor's note: Kevin A. Dahl should not be confused with Kevin Dahle, the former DFL Senator from Northfield who is a candidate for Senate District 20 in the 2012 election.

The charging document states that from Feb. 6, 2007, through Feb. 1, 2008, Dahl submitted false applications and supporting documents for loans he sought from the banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained the loans.

If convicted, Dahl faces a potential maximum penalty of 30 years in prison.

In June 2011, First National Bank of Northfield was  from the federal government.

The bank, a staple of Northfield since 1872, signed an agreement for additional oversight in December 2009.

The federal government stepped in to aid hundreds of banks nationwide in the past several years as America was reeling from the Great Recession. In 2009, First National reported a net loss of roughly $600,000, Rick Estenson, vice president of business development for the bank, told Patch in June 2011. In 2008, the bank had a net income of nearly $500,000.

“We’re a community bank,” he said at that time. “We reflect the issues going on in the community.”

The net loss was also partly to blame on bad commercial loans, again, something Estenson said was not unique to First National. 

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ORIGINAL STORY: 2:30 p.m. July 11

is one of several banks that was allegedly bilked for $1.4 million from a Lakeville man.

Kevin A. Dahl, 57, of Lakeville, was charged on July 10 in federal court with bank fraud for his alleged role in swindling First National Bank of Northfield, Lake Area Bank, Voyager Bank and Community Banks of Colorado.

Editor's note: Kevin A. Dahl should not be confused with Kevin Dahle, the former DFL Senator from Northfield who is a candidate for Senate District 20 in the 2012 election.

The charging document states that from Feb. 6, 2007, through Feb. 1, 2008, Dahl submitted false applications and supporting documents for loans he sought from the banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained the loans.

If convicted, Dahl faces a potential maximum penalty of 30 years in prison.

It's unknown at this time how much money was allegedly swindled from First National.

In June 2011, First National Bank of Northfield was from the federal government.

The bank, a staple of Northfield since 1872, signed an agreement for additional oversight in December 2009.

The federal government stepped in to aid hundreds of banks nationwide in the past several years as America was reeling from the Great Recession. In 2009, First National reported a net loss of roughly $600,000, Rick Estenson, vice president of business development for the bank, told Patch in June 2011. In 2008, the bank had a net income of nearly $500,000.

“We’re a community bank,” he said at that time. “We reflect the issues going on in the community.”

The net loss was also partly to blame on bad commercial loans, again, something Estenson said was not unique to First National. 

Follow Northfield Patch on Twitter | Like us on Facebook | Sign up for our daily newsletter