FDIC tells another state bank to find more money for itself
Wisconsin Business-- The FDIC has told another Wisconsin bank to either raise more capital, or sell it to a suitable buyer. The government says the Community Bank of Central Wisconsin is “significantly under-capitalized.”
COLBY - The FDIC has told another Wisconsin bank to either raise more capital, or sell it to a suitable buyer. The government says the Community Bank of Central Wisconsin is “significantly under-capitalized.”
The FDIC said 14-percent of its loans were delinquent as of the end of March – and over half of its construction and development loans had payments which were overdue. The bank is based in Colby with branches throughout central Wisconsin, and officials said it lost two-and-a-half million dollars from January-through-March. That was after it lost $2.3 million during all of 2010.
The FDIC said the bank has not shown the ability to return to a safe-and-sound condition, and earlier plans to restore capital did not meet the agency’s requirements. Community Bank of Central Wisconsin has assets of just over $100-million. It’s among about 50 Wisconsin banks that were ordered by the government to make improvements since the recession began in earnest in 2008.
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