Koltons resign from Foundations Bank
Foundations Bank, along with Greg and Heidi Kolton, today announced that Greg and Heidi Kolton have resigned as chief executive officer/president and chief operating officer/executive vice president, respectively, of financially troubled Foundations Bank in Pewaukee and its holding company, Generations Bancorp Inc., effective immediately.
The Koltons remain shareholders of the bank they formed in 2005.
Jill Grob, who has been a senior vice president of the bank since February 2006, will lead the bank’s operations as interim president subject to final regulatory approval. She will be assisted by chief financial officer John Hazod and senior vice president Glenn Stadler.
“The board is appreciative of the years of fine service Greg and Heidi gave to making Foundations Bank an important financial partner in the community,” said Foundations Bank board chairman Robert Schmidt. “The Koltons have collectively been involved in banking in the greater Milwaukee area for more than 40 years. We wish them continued success as they move forward with their future business endeavors.”
The bank had agreed to a voluntary consent order from the Federal Deposit Insurance Corporation (FDIC) and the Wisconsin Department of Financial Institutions, in which it was required to make changes to improve its financial standing and eliminate under-performing loans.
Schmidt said the bank is confident it will continue to uphold its philosophy of ‘Banking on Solid Ground.”
“The board has the utmost confidence in the abilities Jill and the other continuing senior executive officers, including John and Glenn, who collectively have many decades of experience in community banking, to make sure that the bank remains a safe and secure institution and one that makes a real difference to its customers and the community,” Schmidt said.
Last year, the bank had $224.5 million in assets, according to the FDIC.
According to Schmidt, the search for a new president has begun.
