Wisconsin Banking Update

North Milwaukee State Bank Celebrates 40 Years

editor — Sun, 07 Mar 2010 04:50:29 +0000

As North Milwaukee State Bank approaches its 40th year, the staff has launched the “Founders Campaign” to honor two board members who have been with the bank since its inception: Dr. William E. Finlayson and Dr. Randle E. Pollard. The two recently were honored by CNN magazine at the Midwest Urban Empowerment Awards Ceremony. Read more in the Milwaukee Courier.

Milwaukee Small Biz Loans Quadruple

editor — Sat, 06 Mar 2010 04:49:08 +0000

Loans made through the U.S. Small Business Administration quadrupled in the Milwaukee area in February compared with February 2009 as the improving economy and stimulus measures continue to encourage SBA lending. Read more in the Business Journal.

Lenders May Lose Billions on Fannie, Freddie

editor — Sat, 06 Mar 2010 04:47:44 +0000

Lenders including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. may be forced to buy back $21 billion in faulty loans from Fannie Mae and Freddie Mac. “The agencies, which have suffered $200 billion in losses since 2007, have been cracking down on boom-era loans issues that may have been issued based on falsely stated incomes or inflated appraisals,” the Business Journal reported.

Consultant Must Stop Mortgage Modifications

editor — Sat, 06 Mar 2010 04:46:17 +0000

The Wisconsin Department of Financial Institutions has ordered Rightway Solutions Inc., a Janesville foreclosure consultant, not to sell mortgage modification services and to refund fees it has charged to customers, according to the Milwaukee Journal Sentinel.

Tomah Men Sentenced for $2M Bank Fraud

editor — Fri, 05 Mar 2010 04:37:42 +0000

Two Tomah, Wis., brothers who defrauded two banks of $2 million while trying to keep their auto dealership afloat each were sentenced in federal court to two years in prison and ordered to pay $1.42 million in restitution. The men faced declining sales in 2004 when they began a four-year scheme to defraud the Farmers & Merchants Bank and First Bank of Tomah by pledging cars they didn’t possess as collateral and not repaying bank loans from cars sold, the La Crosse Tribune reported.

Associated, Elan to Launch New Cards in April

editor — Fri, 05 Mar 2010 04:36:37 +0000

Green Bay, Wis.-based Associated Bank is preparing to launch new credit cards in April under its new strategic partnership with Elan Financial Services, the Business Journal reported.

Informing Consumers About Overdraft Changes

editor — Thu, 04 Mar 2010 04:33:49 +0000

“In the coming months, your bank or credit union will likely be contacting you to tell you about new rules that affect overdraft rules and fees,” begins a story from WKOW-TV in Madison.

Wisconsin May Ban Credit Checks in Hiring

editor — Thu, 04 Mar 2010 04:32:39 +0000

Wisconsin is one of 16 states considering banning credit checks on most job applications – excluding financial institutions. Read more from WKBT-TV in La Crosse.

Hudson Banker Heiser Honored

editor — Thu, 04 Mar 2010 04:31:10 +0000

St. Croix Economic Development Corp. honored Hudson banker Ken Heiser of Associated Bank with its inaugural EDC Directors Award, the Hudson Star-Observer reported.

702 Banks on FDIC List in 4th Quarter

editor — Wed, 03 Mar 2010 04:29:44 +0000

The number of troubled banks in the United States jumped to 702 in the fourth quarter, according to FDIC figures reported in the Small Business Times. U.S. banks essentially broke even in October-December, earning $914 million in the quarter, compared with a $37.8 billion loss in fourth quarter 2008. Read more in the Small Business Times or the Business Journal.