A federal grand jury has an indicted a 58-year-old Cambridge man for allegedly robbing the Peoples National Bank of Mora in North Branch on Oct. 5.

Rick Steven Wallat was charged in U.S. District Court on Oct. 7 with one count of bank robbery. The indictment alleges Wallat stole $8,850 from the bank at 5481 St. Croix Trail.

The bank was robbed at 11:30 a.m. on Oct. 5, an FBI affidavit says. A man, 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.

Wallat took the cash and walked across the street, got into a vehicle, then headed south on I-35. Police spotted Wallat’s green Ford Escort traveling westbound on Isanti County Road 9, where an officer stopped him.

Police found a dark stocking cap, insulated gloves, a black handbag containing cash, a demand note and other items inside the vehicle. Wallat was immediately arrested.

On Monday, Oct. 5, a man entered the Peoples National Bank office in North Branch and handed a teller a note demanding money, then fled with the cash. Rick Steven Wallat of Cambridge was arrested in connection with the incident. Photo by Kelli Baxter

In February 2008, Wallat also was charged of felony financial exploitation of a vulnerable adult for allegedly taking a total of $36,000 from his 82-year-old father’s credit cards, checking and savings accounts. He was never convicted of that crime, however, because his father died before Wallat was to appear in court.

If convicted on the federal robbery charge, Wallat faces a potential maximum penalty of 20 years in prison. All sentences are determined by a federal district court judge. A court date has not yet been set.

This case was investigated by the Chisago County Sheriff’s Office and the FBI and is being prosecuted by Assistant United States Attorney Leshia Lee-Dixon.

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