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Town Bank Seeking Acquisitions
Posted on October 8th, 2010 No commentsTown Bank was a runner-up in the bidding for failed bank Maritime Savings, but Town Bank’s parent company is continuing to seek acquisitions in Wisconsin. Town Bank, Hartland, is owned by Wintrust Financial Corp., Lake Forest, Ill., which already bought two Chicago-area banks this year through FDIC-assisted transactions. Read more in the Business Journal of Milwaukee.
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M&I Leads State in Market Share
Posted on October 7th, 2010 No commentsMilwaukee-based M&I had deposits of more than $24 billion, leading the state with 18.95 percent of deposit market share, according to the FDIC. That is up slightly from 18.79 percent in 2009. In the Milwaukee metro area, M&I’s market share was 29.6 percent, up from 28.04 percent in last year’s FDIC survey, the Milwaukee Journal Sentinel reported. -
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. -
CD Rates Can Be Cut After Takeover
Posted on October 2nd, 2010 No commentsNo one has ever lost a penny on bank deposits insured by the Federal Deposit Insurance Corp. – but when a bank fails, the acquiring institution does have the right to lower interest rates paid on certificates of deposit. That’s what happened when North Shore Bank recently acquired Maritime Savings Bank and reduced a 3.05 percent CD rate, which one customer called an insult. Read the article in the Milwaukee Journal Sentinel.
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Five More Banks Under Regulatory Action
Posted on September 25th, 2010 No commentsThe Federal Deposit Insurance Corp. issued consent orders with steps to improve to First State Bank of New London; the Park Bank of Madison; Community Business Bank of Sauk City; Cambridge State Bank of Cambridge; and Securant Bank & Trust of Menomonee Falls. Read the article in the Appleton Post Crescent. -
FDIC Releases Details of Maritime Acquisition
Posted on September 24th, 2010 No commentsBrookfield-based North Shore Bank acquired $177.6 million of Maritime’s assets for $158.7 million in an FDIC-assisted transaction. The bank purchased only “good” loans, according to the Business Journal of Milwaukee. -
FDIC Releases 2nd Quarter Report
Posted on September 14th, 2010 No commentsAccording to FDIC’s report for the second quarter 2010, Wisconsin-based banks saw their past due or nonaccrual loans, as a percentage of total loans, fall to a median of 4.05 percent for the quarter, from 4.35 percent in the first quarter of the year and 4.44 percent in the second quarter of 2009. Banks’ Tier 1 leverage has risen to a median of 9.58 percent for the quarter, up from 9.51 percent in the first quarter. Median return on assets in the state was 0.66 percent, up from 0.62 percent in the first quarter. Net loans to assets remained at a median level of 70.8 percent for the quarter. Read more, including which Wisconsin banks earned the most for the quarter, in the Small Business Times of Milwaukee.
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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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Letter: Examiners ‘Issuing Nuisance Consent Orders’
Posted on August 10th, 2010 No comments“FDIC federal bank examiners are trying nationwide to slow loans made at local level community banks. The practice of issuing nuisance ‘consent orders’ and other patterns of harassment are used to make examples of progressive banks for other banks to see,” writes Steve Mugerauer of Oshkosh in a letter to the editor of The Oshkosh Northwestern.
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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.