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FEDS TELL LOCAL BANK TO SHAPE UP
Friday, March 26th, 2010 -- 11:27 am
Posted by Riley Hebert-News Director
Federal regulators are accusing a small bank in Colby of "unsafe or unsound banking practices".
Community Bank of Central Wisconsin has been ordered to improve its management, maintain higher capital and reduce delinquencies.
The order was issued by the Federal Deposit Insurance Corp. and the state Department of Financial Institutions.
Community Bank of Central Wisconsin lost almost $4.6 million in 2009, and more than 7% of its total loans were noncurrent at the end of the year. Its highest level of noncurrent loans, nearly 25%, was in multifamily residential real estate.
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