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Regulators Mandate Changes for Cassville Bank
Posted on May 29th, 2009 No commentsBadger State Bank in Cassville must improve its management, increase capital, add to loan-loss reserves and revise lending policies, according to a cease-and-desist order issued by the Federal Deposit Insurance Corp. and Wisconsin Department of Financial Institutions. The FDIC and state regulators also issued a cease-and-desist order to Wauwatosa-based Marine Bank. Read the Milwaukee Journal Sentinel article.
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Anchor Reaches Agreement with U.S. Bank
Posted on May 29th, 2009 No commentsMadison’s Anchor BanCorp Wisconsin Inc. said it has a new amended agreement that will give it a full year to pay back a $116.3 million line of credit to U.S. Bank., the Milwaukee Journal Sentinel reported.
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Wausau to Buy and Sell Foreclosed Homes
Posted on May 28th, 2009 No commentsThe city of Wausau will receive $1 million in federal stimulus money to buy and restore foreclosed homes and then sell them to residents. The funds will come through the Neighborhood Stabilization Program, an initiative of the U.S. Housing and Urban Development Department that set aside $3.92 billion for the program, $39 million of it designated for Wisconsin. Read the article.
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Nearly 9% of Wis. Mortgages in Trouble
Posted on May 28th, 2009 No commentsNearly 9 percent of mortgages in Wisconsin were at least 30 days overdue or in the foreclosure process at the end of the first quarter. That’s better than the national average: 8.22 percent delinquent and 3.85 percent in foreclosure, for a combined total of about 12 percent, according to a quarterly survey by the Mortgage Bankers Association. Read the Milwaukee Journal Sentinel article.
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Wis. Banks Have Brighter First Quarter
Posted on May 27th, 2009 No commentsA stabilizing economy and a surge in mortgage refinancing is credited with increasing the number of profitable banks in Wisconsin. About one in every 10 Wisconsin banks lost money in the quarter ended March 31, compared with one in five in the fourth quarter of 2008, figures released Wednesday by the Federal Deposit Insurance Corp. show. Read the Milwaukee Journal Sentinel article.
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Lending by Wis. Banks Rises
Posted on May 27th, 2009 No commentsWisconsin’s loan-to-deposit ratio dropped from 108 percent in the fourth quarter of 2008 to 107 percent in the first quarter of 2009, but is still well ahead of the national ratio of 84 percent, down from 85 percent in the previous quarter, the Business Journal of Milwaukee reported.
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Manitowoc Bank Exits TARP
Posted on May 27th, 2009 No commentsThe parent company of Bank First National in Manitowoc has repurchased the $12.6 million in preferred stock it sold to the U.S. Treasury in January, becoming the first Wisconsin bank – and one of the first nationwide – to exit the Troubled Asset Relief Program, or TARP, the Milwaukee Journal Sentinel reported.
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FDIC Extends Deposit Insurance Limit
Posted on May 26th, 2009 No commentsThe temporary increase in bank deposit insurance to $250,000 has been extended for four years, the Federal Deposit Insurance Corp. announced in a letter to financial institutions on May 22. The standard maximum insured amount was increased to $250,000 last fall, but was set to return to $100,000 at the end of 2009. The temporary increase has now been extended through 2013. Read the Business Journal article.
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Red Ink for Many Wis. Credit Unions
Posted on May 26th, 2009 No commentsThe first-quarter financial results for Wisconsin’s biggest credit unions are “stunningly bad,” the Milwaukee Journal Sentinel reported. Eight of 10 posted losses – most of them losses of more than $1 million. “The Wisconsin Office of Credit Unions has been holding off on publishing its quarterly financial report on credit unions, aware of how awful the numbers looked,” according to the article. Credit union deposit insurance changes will allow many to restate their earnings.
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Wis. Exec to Be SBA Nominee
Posted on May 22nd, 2009 No commentsWinslow Sargeant, managing director of Wisconsin-based Venture Investors LLC, will be nominated by President Barack Obama for a key administration post at the Small Business Administration, the Business Journal of Milwaukee reported.