Associated Bank to consolidate with branch near Pabst Farms; ISB Community Bank agrees to FDIC plan
Associated Bank to consolidate with branch near Pabst Farms
Associated Banc-Corp plans to open a larger new branch in Oconomowoc.
Located near the Pabst Farms shopping district, the new Associated Bank branch will replace the site currently located in the Whitman Park Shopping Center on E. Summit Avenue in Oconomowoc, as well as the branch located on Main Street in Dousman.
Associated Bank employees at both branches will move to the new location near Pabst Farms.
"We’re excited about our newest location", said David Stein, executive vice president and director of retail banking for Associated Bank. "The consolidation of the older Dousman and current E. Summit Avenue branches into one standalone facility allows Associated Bank to welcome customers to a well-appointed and convenient branch while continuing to deliver stellar customer service."
The bank is nearing completion of renovations to an unoccupied building. The new branch will open Nov. 1. In the interim, the Dousman and Oconomowoc branches will continue to operate.
ISB Community Bank agrees to FDIC plan
ISB Community Bank in Ixonia has voluntarily signed an agreement with the Federal Deposit Insurance Corporation (FDIC) and the Wisconsin Department of Financial Institutions (WDFI) that includes a plan to strengthen the bank and enhance its overall operations.
ISB president and chief executive officer Jeff Knudtson said the bank has already completed many of the terms outlined in the agreement aimed at improving operations, making the bank more profitable and ensuring that it continues to be safe and sound.
Knudtson added that customer funds are safe, secure and FDIC insured up to $250,000 for each depositor.
“We have revised our strategic plan to strengthen our operations and have made significant progress to help us become more efficient and put us in a position for future growth,” Knudtson said. “ISB Community Bank is not alone in being affected by today’s challenging economic times, in particular as it relates to the local commercial real estate market. But there has been some positive growth in the economy, and with that, we are confident that the revisions we will make to our strategic plan will put us on the right path to making us stronger.”
The joint FDIC/State agreement outlines steps to improve the bank’s operations, including increasing its loan loss reserves, investment and retention of more capital and retaining a strong management team.
“These important steps, many of which we have already completed, will put us in a stronger position moving forward as the economy continues to rebound,” Knudtson said.
ISB Community Bank was founded in 1918 and has branches Ixonia, Dousman, Hartland, Oconomowoc and Watertown.