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Legacy Bank Still Short on Capital
Posted on February 18th, 2011 No commentsLegacy Bank in Milwaukee saw its capital position worsen in the fourth quarter of 2010. The bank, which was founded by three African American women in 1999, also is one month past a 60-day deadline from the Federal Reserve Bank to develop a plan addressing Legacy’s shortage of capital, The Business Journal reported. -
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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Colby Bank Enters Agreement With Regulators
Posted on March 26th, 2010 No commentsCommunity Bank of Central Wisconsin in Colby must improve its management, maintain higher capital, and reduce delinquencies in a consent order issued by the Federal Deposit Insurance Corp. and the state Department of Financial Institutions, the Milwaukee Journal Sentinel reported.
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Regulator Tries to Stabilize Bond Insurer Ambac
Posted on March 25th, 2010 No commentsWisconsin insurance commissioner Sean Dilweg has taken control of $35 billion worth of shaky mortgage-related and other liabilities from Ambac Assurance Corp., a move intended to help stabilize the struggling bond insurer. Ambac was founded and incorporated 40 years ago as an offspring of what is now Milwaukee-based MGIC Investment Corp., the Milwaukee Journal Sentinel reported.
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Gov. Doyle Signs on to Business Credit Effort
Posted on January 15th, 2010 No commentsWisconsin Gov. Jim Doyle joined governors from five other states in sending a letter to U.S. Treasury Secretary Timothy Geithner urging quick federal action to help manufacturers and small businesses get access to much needed credit, stabilizing their businesses and protecting jobs, the Business Journal of Milwaukee reported.
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Associated Must Improve Risk Management, Capital
Posted on November 10th, 2009 No commentsAssociated Banc-Corp revealed details of a memorandum of understanding in a regulatory filing in a Milwaukee Journal Sentinel article. Associated Bank will be required to improve risk management of its loan portfolio and maintain capital at higher-than-normal levels. Shares of Associated dropped more than 14 percent the day after the news was released, making it likely the bank’s quarterly dividend will be cut from 5 cents to 1 cent per share. Read that article in the Journal Sentinel.
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Security Financial Agrees to Operations Changes
Posted on September 17th, 2009 No commentsSecurity Financial Services Corp., the holding company for Security Financial Bank in Durand, Wis., must meet financial performance and reporting guidelines and maintain sufficient capital under an agreement reached with the Federal Reserve Board and the Wisconsin Department of Financial Institutions. Read the article in the Business Journal of Milwaukee.
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New Auburn Bank Works With Former Regulator
Posted on September 9th, 2009 No commentsThe Federal Deposit Insurance Corporation’s list of troubled banks rose to a 15-year high in August, and in conjunction with federal regulators, the state’s Department of Financial Institutions has been passing out orders to banks with bad loans. One recipient, Security Bank in New Auburn, Wis., agreed to a cease and desist order in July. Since then, they’ve been partnered with a third-party overseer, former longtime FDIC regulator Bill Endres, The Chetek Alert reported.