Milwaukee-based Mitchell Bank has agreed to a consent order from the Federal Deposit Insurance Corp. and Wisconsin Department of Financial Institutions, under which it has agreed to have and retail qualified management, raise capital, improve asset quality, earnings, liquidity and sensitivity to interest rate risk.
Mitchell Bank has also agreed to hire a consultant who will evaluate its management needs. It has also been ordered to write off loans that are qualified as losses from its balance sheet.
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The bank operates three branches in Milwaukee and Waukesha counties, and has about $70.7 million in assets under management.
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