Cambridge Man Indicted for Robbing People’s National Bank in North Branch

A federal grand jury has returned an indictment against a 58-year-old Cambridge man for allegedly robbing the People’s National Bank in North Branch on October 5, 2009. In an indictment filed with the court earlier today, Rick Steven Wallat was charged with one count of bank robbery. The indictment alleges Wallat stole $8,850 from the bank, located at 5481 St. Croix Trail in North Branch.

According to a Federal Bureau of Investigation affidavit, the bank was robbed at 11:30 a.m., October 5. The robber, later identified as Wallat, entered the bank carrying a bag. He approached a teller and said, “Don’t do anything stupid.” He then handed over a demand note. After receiving cash, Wallat walked across the street, got into a vehicle, and headed south on Interstate 35.

Shortly after the robbery, police spotted Wallat’s vehicle traveling westbound on Isanti County Road 9 and conducted a traffic stop. Inside the vehicle, officers found a dark stocking cap, insulated gloves, a black handbag containing cash, a demand note, and other items. Wallat was immiedately arrested.

If convicted, Wallat faces a potential maximum penalty of 20 years in prison. All sentences are determined by a federal district court judge. This case is the result of an investigation by the Chisago County Sheriff’s Office and the FBI. It is being prosecuted by Assistant United States Attorney Leshia Lee-Dixon.

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