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Royal Bank Acquires Failed Cassville Bank
Posted on February 12th, 2011 No commentsRegulators closed Badger State Bank in Cassville, on Feb. 12. It is the second southern Wisconsin bank to fail this year. The 101-year-old bank’s single branch, about 100 miles southwest of Madison, reopens as part of Royal Bank, Elroy. Read more in the Wisconsin State Journal and the Milwaukee Journal Sentinel.
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Evergreen Acquisition Occurred Quickly
Posted on February 4th, 2011 No commentsMcFarland State Bank CEO E. David Locke Locke has been visiting McFarland State Bank’s new branches in Stoughton, Sun Prairie and Janesville this week, meeting employees and customers. “This all happened so quickly,” said Locke. He was told on Wednesday the acquisition of Evergreen State Bank would go through just two days later, on Friday, Jan. 28. Read the Wisconsin State Journal article. -
Customers Remain Loyal to Stoughton Bank
Posted on January 30th, 2011 No commentsCustomers of the four branches of Evergreen State Bank arrived Saturday morning to see a new name on the door after regulators closed the bank on Friday, Jan. 28. One customer said he expected Evergreen State Bank’s failure but stayed with the bank specifically because of his relationship with staff. Read more at Channel3000.com. -
Regulators Close Evergreen State Bank
Posted on January 28th, 2011 No commentsA 112-year-old Stoughton bank became the fourth Wisconsin bank to fail since the economic downturn began. Evergreen State Bank was closed by state regulators on Friday, Jan. 28. McFarland State Bank will assume all of the deposits of the failed bank and agreed to purchase “essentially all” of its assets, according to the FDIC. Evergreen State Bank had about $246.5 million in assets. Read the Milwaukee Journal Sentinel article. -
Regulators Close First Banking Center
Posted on November 19th, 2010 No commentsRegulators closed Burlington-based First Banking Center, with First Michigan Bank, of Troy, Mich., stepping in to acquire substantially all of the assets of Burlington-based First Banking Center. The bank’s 17 branches will continue to carry the First Banking Center name. Read more in the Milwaukee Journal Sentinel or the Racine Journal Times. -
FDIC Investigating Failed Bank of Elmwood
Posted on October 4th, 2010 No comments“The Bank of Elmwood caused its own failure by years of misguided and mismanaged growth and lending, according to an inspector general’s highly critical report,” began a story in the Racine Journal Times. The FDIC, after losing $90.6 million from the Bank of Elmwood’s failure, is investigating, according to another article. -
North Shore Takes Over Maritime Locations
Posted on September 17th, 2010 No commentsNorth Shore Bank entered into an agreement with the FDIC to assume the deposits of West Allis-based Maritime Savings Bank after Office of Thrift Supervision regulators closed Maritime on Sept. 17. Maritime had eight branches in the Milwaukee area and one branch in the Phoenix, Ariz., area. Read more in the Milwaukee Business Journal.
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829 Banks on FDIC Problem List
Posted on September 7th, 2010 No commentsThe number of problem banks reached 829 during the second quarter while the income of insured institutions reached $21.6 billion, according to the FDIC. The FDIC still expects bank failures in 2010 to exceed 2009 levels of 140, as 118 institutions have failed so far this year, the Small Business Times of Milwaukee reported.
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Falbo Doesn’t Regret Job with Failed Bank
Posted on June 11th, 2010 No commentsVeteran Wisconsin banker Mike Falbo said he does not regret taking a job with the now-failed TierOne Bank in Nebraska, but never wants to repeat his head-butting with regulators and watching the demise of a once-strong community bank, according to The Business Journal of Milwaukee.
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Coulee Bank Assumes Minn. Bank Assets
Posted on May 21st, 2010 No commentsCoulee Bank in La Crosse has taken over the deposits and assets of Pinehurst Bank, a $58 million bank in St. Paul, Minn., that opened six years ago. The Minnesota Department of Commerce closed the bank, making it the 73rd bank to fail in the United States this year. Read the Milwaukee Journal Sentinel article.