Writer: BankBeat

In Iowa, Chicago Fed President shares thoughts on tax bump

Charles L. Evans, president and CEO of the Federal Reserve Bank of Chicago, talked about the tax bump today at the Iowa Bankers Association Bank Management Conference: “In January we asked our Beige Book contacts about the likely impact of the tax package on their businesses. Their responses indicated that, on average, about a quarter of tax savings is expected to go toward capital spending and about 15 percent to labor. Most of the remaining 60 percent is planned to be used to pay down debt, fund mergers and acquisitions, and return funds to shareholders. [Continue]

Michigan CU calls off bank acquisition

The $852 million Honor Credit Union of Berrien Springs, Mich., announced it will no longer acquire Citizens State Bank of Ontonagon, Mich. The decision to drop the deal was arrived at mutually, according to news sources. [Continue]

Midland States Bank supports home ownership program

The City of Kankakee, Ill., in partnership with Midland States Bank, Effingham, Ill., announced the launch of the Kankakee Homebuyer Incentive Program. The program will help make homeownership possible with assistance for down payment and/or closing costs and will be open to those individuals wishing to purchase a home within the Kankakee City limits.
“I am very excited about this partnership with Midland States Bank as the investment in this program demonstrates Midland’s commitment to community reinvestment and social responsibility,” said Mayor Chasity Wells-Armstrong. [Continue]

Mortgage unit at MB Financial earns workplace honors 

MB Financial Bank’s mortgage division has received its fifth Top Workplace award in recent years based solely on the results of an employee feedback survey administered by Energage, LLC (formerly WorkplaceDynamics), a research firm that specializes in organizational health and workplace improvement. [Continue]

Fed limits Wells Fargo’s growth; bank to replace 4 directors

Responding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo, the Board of Governors of the Federal Reserve on Feb. 2, 2018 announced it would restrict the growth of the firm until it sufficiently improves its governance and controls. Concurrently with the Fed Board’s action, Wells Fargo will replace three current board members by April and a fourth board member by the end of the year. [Continue]

Federal Reserve Weekly Filings for Jan. 20, 2018

Chebelle Corporation, Belle Plaine, Iowa, authorized to acquire Victor State Bank, Victor, Iowa. First Mid-Illinois Bancshares Inc., Mattoon, Ill., authorized to acquire First BancTrust Corporation, Champaign, Ill., and thereby acquire First Bank & Trust Illinois, Paris. Cyrus Bancshares, Inc., Cyrus, Minn., to merge with Quality Bankshares, Inc., Page, N.D., and thereby acquire Quality Bank, Fingal, … Read more

KleinBank sells branches to Wings Credit Union

Some of KleinBank customers are about to shift to being credit union members. Wings Financial Credit Union, Apple Valley, Minn., agreed to purchase three of the Chaska, Minn.-based bank’s branches Wednesday. When the acquisition is completed, sometime in the second quarter, customers at the affected branches, located in Coon Rapids, Ostego and Plymouth, will automatically become Wings members. [Continue]

Pennsylvania bank continues prolonged Ohio push

First Commonwealth Financial of Indiana, Pa., continued its push into Ohio with the announced acquisition of Foundation Bank in Cincinnati on Wednesday. The $58 million stock and cash deal will mark First Commonwealth’s entry into the Cincinnati market, now the sixth piece of an extensive reach into its neighboring state. [Continue]