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]