Janesville bank plans new office in Oak Creek; Southport Bank will close Racine branch
Janesville bank plans new office in Oak Creek
Mid America Bank, a Janesville-based bank, plans to open a new loan production office at 7071 S. 13th St. in Oak Creek, according to documents filed with the Wisconsin Department of Financial Institutions.
Mid America Bank now has two branch locations, one in Janesville and another in Williams Bay. It also has loan production offices in Brookfield and Madison. Banks typically open loan production offices before establishing full-service branches in cities that they do not have other operations in.
Southport Bank will close Racine branch
Kenosha-based Southport Bank plans to close its branch at 5220 Washington Ave. in Racine in early January.
The bank, which has four locations in Kenosha County, is now contracting, said Michael Falbo, president and CEO.
“We’re not in the Racine market in a way that we could be a player,” he said. “We’re going to work our primary market of Kenosha and Kenosha County.”
The Racine branch has four employees. After the branch is closed early next year, those employees will be able to transfer to open positions in other Southport banks, Falbo said.
Southport Bank has struggled in recent years – it posted about $5.1 million in earnings for the second quarter of this year, compared to $6.1 million during the second quarter of 2009. Last year, the bank entered into an agreement with the FDIC where it agreed to raise capital and reduce its number of nonperforming loans.
Eventually, the bank hopes to expand its presence in Kenosha County, Falbo said.
“Longer term, we will need more locations in Kenosha County,” he said. “While we’re trying to get strong again, I don’t think we’ll be doing that kind of expansion.”
