New bank effort ceases
An effort to open a new bank in Mankato, Minn., has ended. Dave Wittenberg was leading a group in an effort to open Bank 182 but withdrew the application they had submitted last April when the FDIC said it wouldn’t approve the charter. Wittenberg told a local newspaper his group would return $8 million in capital raised from investors.
“The current environment creates a hyper-sensitive regulatory environment,” Wittenberg told the Mankato Free Press.
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