Minnesota banker consents to FDIC prohibition order
Peter Dahl, former CEO of Crown Bank, Edina, Minn., has signed an FDIC order of prohibition, thereby relinquishing any future he might have had in banking. [Continue]
Associated gets go-ahead on acquisition
Associated Bank’s first acquisition in more than a decade has received regulatory approval, the Green Bay, Wis., bank announced Tuesday. Associated agreed to purchase Bank Mutual Corporation in mid-July for $482 million. Both the Office of the Comptroller of the Currency and the Federal Reserve Board needed to sign off on the merger, which will increase Associated’s size to $32.7 billion in assets. [Continue]
Large and small banks pass tax savings to employees
One teller at Ohnward Bank & Trust began work the Wednesday before Christmas. On her second day, she received a $1,000 bonus. Ohnward Bancshares, Maquoketa, Iowa, gave a “tax relief, holiday bonus” to each of its employees, no matter how long they had been on staff, hence that teller’s lucky break. [Continue]
Indiana’s 1st Source develops niche with solar
In just its first full year of lending to the commercial solar industry, 1st Source Bank, South Bend, Ind., provided financing for 10 projects in five states. The solar emphasis helps 1st Source customers and gives the $5.8 billion bank experience in an emerging industry. [Continue]
Michigan considers state-run bank
A state representative in Michigan introduced a package of bills Jan 18 to establish a state-run bank. As of now, only North Dakota has such an operation. [Continue]
ABA economists project growth
In part thanks to the tax reform bill signed in December, the United States economy may progress quicker than previously expected, even though forecasts attempted to factor in the then-hypothetical tax bill ahead of time, according to the Economic Advisory Committee of the American Bankers Association. A strong close to 2017 influenced forward-looking projections perhaps as much as the tax bill did. [Continue]
Economist is bullish on continued expansion
Participants in BankBeatGroups’ inaugural webinar Jan. 18, received an optimistic economic forecast from KC Mathews, executive vice president and chief investment officer for UMB Bank, Kansas City, Mo. “Is This as Good as it Gets?” Mathews asked in the title of his presentation. Outlining what he called “the Magnificent 7,” he provided the answer: no. [Continue]
Investment leads to Illinois bank purchase
Partly thanks to an investment influx, CNB Shares will purchase Jacksonville Bancorp, Inc., for about $61.6 million, the two announced Thursday. Castle Creek Capital Partners VI L.P. of Rancho Santa Fe, Calif., has made an investment of $30 million into CNB, pending typical closing considerations. That money will both help fund the acquisition of Jacksonville Savings Bank, Ill., and spur organic growth. [Continue]
120-year-old bank merges into Missouri
First Home Bank of Mountain Grove, Mo., and Stockmens Bank of Colorado Springs, Colo., have agreed to merge. The transaction is expected to close later this year.
Initially, First Bancshares, Inc., the parent company of First Home Bank, will purchase Stockmens Bank. Second, First Home Bank will be merged into Stockmens Bank resulting in First Bancshares owning one Colorado bank operating as Stockmens Bank in Colorado, State Bank of Bartley, Neb., and First Home Bank. [Continue]
Waupaca, Manitowoc banks merge in Wisconsin
Bank First National, Manitowoc, Wis., has received regulatory approval to merge the $176 million First National Bank of Waupaca, Wis., into its organization.
Mike Molepske, president and CEO of the $1.3 billion Bank First National, said the approval’s timing couldn’t be better. “The transition teams have been working diligently,” Molepske said. [Continue]