A security guard shot working at a branch of Chase Bank, Madison, Wis., shot and killed a suspected robber March 1. The incident occurred at the bank’s Milwaukee Street location. The suspected robber, a male, died at the scene, according to news reports. [Continue]
PNC Bank, Pittsburgh, will again support the Internal Revenue Service’s Volunteer Income Tax Assistance (VITA) program, which provides free tax assistance to low- and moderate-income taxpayers. [Continue]
Eaton Federal Savings Bank, Charlotte, Mich., and SSBBank, Stockbridge, Mich., have agreed to merge. The deal, expected to be completed in the second quarter, is subject to regulatory approval and the approval of Stockbridge Bancorporation’s shareholders. Stockbridge Bancorporation is the holding company for SSBBank. [Continue]
Net lending at Wisconsin’s state-chartered banks grew by nearly 10 percent in 2017 according to data released by the Wisconsin Department of Financial Institutions. [Continue]
Net income for the nation’s community banks dropped 14.2 percent in the fourth quarter of 2017, to $4.1 billion, down $681 million from fourth quarter 2016. A reduction in corporate tax rates under the new tax law prompted one-time write-downs on deferred tax assets, which contributed to a $1.8 billion increase in income tax expense compared with the same period last year, according to the FDIC. [Continue]
The Michigan Department of Insurance and Financial Services placed the Ukrainian Future Credit Union, Warren, Mich., into conservatorship and appointed the National Credit Union Administration as conservator on Feb. 23. [Continue]
Oregon Community Bank, Oregon, Wis., announced Feb. 17 its plans to merge with Grand Marsh State Bank, Grand Marsh, Wis. When the merger is complete, Grand Marsh State Bank, with two locations operating roughly an one hour’s drive north of Madison, will be renamed Adams Community Bank. [Continue]
A composite outlook of bank CEOs, presidents, and CFOs from across the United States suggests increasing optimism about the banking industry and overall economic conditions. The Bank Confidence Index, which is calculated using the results of Promontory Interfinancial Network’s Bank Executive Business Outlook Survey, tracks banker expectations in four key areas: access to capital, loan demand, funding costs, and deposit competition. [Continue]
Associated Bank, Green Bay, Wis., invested $1 million in the Wisconsin Women’s Business Initiative Corporation loan opportunity fund as a part of the bank’s Associated Community Development program. The investment, announced Feb. 13, supports the WWBIC’s, Putting Dreams To Work fund, which supports women and minority-owned companies in their economic and entrepreneurial development throughout Wisconsin. [Continue]
The Federal Reserve Board on Feb. 15 ordered Minneapolis-based U.S. Bancorp to improve risk management and oversight of its banking subsidiaries’ compliance with U.S. economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements. The Fed also required US Bancorp to ensure its personnel make timely and complete disclosures to regulatory authorities. The Fed imposed a $15 million penalty. [Continue]