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‘Move Your Money’ to Community Banks
Posted on February 28th, 2010 No commentsA new online movement is encouraging people to take their money out of the big investment banks and bank locally instead, the Wausau Daily Herald reports. The “Move Your Money” project is online at www.moveyourmoney.info. Arianna Huffington and Rob Johnson of the Huffington Post came up with the idea.
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Oostburg Bank Getting New Logo, Branch
Posted on February 28th, 2010 No commentsOostburg State Bank will unveil a new logo in late March as it prepares to open a second location (in Cedar Grove) this summer, the Sheboygan Press reported.
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Evergreen State Bank Hires EVP
Posted on February 28th, 2010 No commentsEvergreen State Bank, Janesville, hired Mark Schubring as executive vice president and chief credit officer, according to the Milwaukee Journal Sentinel.
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Letters of Credit Debated in Milwaukee
Posted on February 27th, 2010 No commentsThe Milwaukee Journal Sentinel covered a meeting of the Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee, in which an employee of a city office said that “larger (financial) institutions are trying to back out of letters of credit, whether it’s a solid project or not.” But one bank says that it agreed to renew the letter of credit for up to five years, but at a higher rate. Read more.
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FDIC Issues Consent Orders to Three Banks
Posted on February 26th, 2010 No commentsTwo Madison-area banks and a bank in Iron River are under orders to reduce delinquent loans and improve their financial performance, regulators disclosed. Read more in the Milwaukee Journal Sentinel or the Wisconsin State Journal.
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Bank’s Action Deters Hackers
Posted on February 25th, 2010 No commentsBy notifying the Eau Claire County Treasurer’s office about a suspicious wire transfer, Alliance Bank thwarted an attempt by Russian hackers to steal about $800,000 from the county, WKBT-TV Channel 8 reported.
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Necedah Bank VP Admits Taking Money
Posted on February 24th, 2010 No commentsFormer Necedah Bank vice president, Margaret L. Hajdas, 39, of Necedah, admitted in federal court to misapplying bank funds totaling $33,400 between September 2005 and Nov. 24, 2008. Hajdas, who is a citizen of Poland, would have been subject to deportation if convicted of embezzling, the Juneau County Star-Times reported.
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One in 4 Wis. Banks Lost Money in 2009
Posted on February 23rd, 2010 No commentsSeventy-one of 281 banks based in the state, or 25 percent, lost money in 2009, according to the FDIC. That compares with 46 of 283 banks that posted losses in 2008, roughly one of every six, or 16 percent. In contrast, in 2005 only 2 percent of banks in the state were unprofitable, the Milwaukee Journal Sentinel reported. Read more about the FDIC statistics in the Milwaukee Business Journal and the Milwaukee Small Business Times.
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Developer Pleads Guilty to Bank Fraud
Posted on February 23rd, 2010 No commentsJefferson, Wis., developer Brian S. Johnson, 52, pleaded guilty to a federal bank fraud charge for borrowing more than $4.5 million from Evergreen State Bank, Stoughton, between September 2004 and December 2005 and using the money for other purposes, the Wisconsin State Journal reported.
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M&I Exec Shares Investing Insights
Posted on February 23rd, 2010 No commentsThe U.S. and global economies have emerged from the Great Recession. Although opportunities are re-emerging for investors, significant risks remain, said Sandy Lincoln, senior vice president with M&I Investment Management Corp., in the Small Business Times.