The boards of directors of Generations Bancorp Inc. and Pewaukee-based Foundations Bank announced that they have raised new capital of more than $5 million.
The capital raised at the holding company was injected into the bank this month.
“The additional capital increases the bank’s capital ratios well above the regulatory requirement and positions the company to move forward as an organization,” said John Hazod, interim president.
Generations Bancorp plans to keep the stock offering open until July 1, 2013, which will enable other shareholders and new investors to augment the capital already raised. The bank has begun a new marketing campaign in the second quarter to attract new customers.
“This capital is another step in moving Foundations Bank in a positive direction. The board, management and the entire bank staff have concentrated its efforts on improving the bank’s loan portfolio over the past couple years. The bank has made tremendous progress in reducing the level of nonperforming assets. The new capital will provide the support to begin building the asset base again through prudent underwriting of new loans,” Hazod said.
Foundations Bank, which has total assets of $126 million, primarily serves the Lake Country and Waukesha County markets.
