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]
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]
On the surface, economic growth in 2018 seems just shy of a sure thing. The most obvious clue to that sentiment came just four days into the year, when the Dow Jones industrial average surpassed 25,000 for the first time in its history. [Continue]
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]
The initial year of First National Bank of Omaha’s “First in the Community” program was a success on all fronts. The numbers are not yet totaled on the second year, 2017, but all indications are those trends will continue. Thus, the Nebraska-based bank is now accepting program proposals from grant seekers interested in helping low- to moderate-income families or communities with housing, neighborhood revitalization or strengthening of the economy. [Continue]
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]
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]
Rarely do community banking advocacy groups and credit union associations agree, yet alone agree strongly enough to sign the same letter to Congress. On Thursday, the ICBA, the ABA, the Credit Union National Association and the Financial Services Roundtable all joined with organizations from across the economy in a letter urging Congress to develop stronger legislation pertaining to data breaches. [Continue]
Chuck Mueller could hardly fault his customers for pulling their deposits from his bank. If the president and CEO of Fidelity Bank, Edina, Minn., had been in their position, he quite possibly would have done the same thing.
Some of the largest depositors at Fidelity Bank were neither upset with its staff nor seeking better rates elsewhere. They had no qualm whatsoever with Mueller’s $435.9 million organization, aside from its state charter within Minnesota and the effect such had regarding residency factors issued by the Department of Revenue.
One of those 26 factors when considering residency status was the “location of any bank accounts, especially the location of the most active checking account.” If one of Mueller’s customers wanted to establish residency in tax-free Florida, for example, their account at Fidelity Bank could be used against them when Minnesota went looking for taxes.
“We had three or four customers walk in and move millions of dollars just because, although it wasn’t a de facto absolute, it was one of those things on the list,” Mueller said. “They just wanted to be really safe because the state is watching this.
“No amount of talking on my part could convince these people to retain those deposit relationships. … [Continue]
With the signing of Assembly Bill 280, bankers in Wisconsin finally got financial literacy education formally included in state curriculum standards. [Continue]