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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.
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FDIC Closes Amcore; Reopens as Harris Bank
Posted on April 24th, 2010 No commentsThe federal Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, closed Amcore Bank on April 23. The FDIC entered into a purchase and assumption agreement with Harris National Association, Chicago, to assume all of the deposits of Amcore Bank. Read the stories in the Business Journal of Milwaukee, the Milwaukee Journal Sentinel and the Wisconsin State Journal.
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Ashland Bank Assumes Failed Bank’s Assets
Posted on March 19th, 2010 No commentsThe failed State Bank of Aurora, Minnesota reopened as a branch of Northern State Bank of Ashland, Wis., according to the Milwaukee Journal Sentinel. The State Bank of Aurora had $27.8 million in assets.
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Tri City Gaining After Elmwood Acquisition
Posted on December 30th, 2009 No commentsTwo months after Tri City National Bank in South Milwaukee purchased the failed Bank of Elmwood in Racine, it has grown from last place in Racine County market share to third place and to more than $1 billion in assets. Almost all of the former Elwood staff still works for Tri City, including former CEO Jess Levin, who works from his same office and has the title of community executive. Read more in the Milwaukee Journal Sentinel.
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Closing of Illinois Bankers’ Bank is a First
Posted on December 19th, 2009 No commentsIndependent Bankers’ Bank in Illinois, which the FDIC shut down on Dec. 18, is the only bankers’ bank to be closed since the first institution of its kind was established in 1975. The regulatory action leaves Bankers’ Bank of Madison “in the best position to pick up the business of community bankers who will be looking for a new correspondent,” writes Tom Bengtson in the NorthWestern Financial Review blog.
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WBA, CBW Issue Release on Bank Closing
Posted on October 26th, 2009 No comments“The entire Wisconsin banking community is pleased that the banking regulatory system worked as designed last Friday when the Department of Financial Institutions closed Bank of Elmwood, Racine. Importantly, depositors were protected as there was a seamless transition to Tri City National Bank of Oak Creek. Wisconsin’s banking community expresses its support to the affected employees, directors and shareholders of the Bank of Elmwood,” reads a joint news release from the Wisconsin Bankers Association and the Community Bankers of Wisconsin on WisBusiness.com.
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Regulators Close Racine Bank
Posted on October 24th, 2009 No commentsRegulators closed the Bank of Elmwood in Racine on October 23, the first Wisconsin bank failure since 2003. All five branches of Bank of Elmwood will reopen Saturday as branches of Oak Creek-based Tri City National Bank, and all deposit accounts automatically will be switched to Tri City, regulators said. The closing is among a nationwide cascade of more than 100 bank failures this year, the Milwaukee Journal Sentinel reported.
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Action Taken Against Minn. Banks
Posted on February 27th, 2009 No commentsTwo more Minnesota community banks, Horizon Bank of Pine City and Paragon Bank of Wells, were ordered by federal regulators to clean up their lending practices and stop making risky loans. In all, five of the state’s community banks have received cease-and-desist orders since last September, the Minneapolis Star-Tribune reported.