Eau Claire bank buys branches in Wal-Marts
Citizens Community Bancorp Inc., the Eau Claire-based holding company for Citizens Community Federal, announced it has entered into an agreement to acquire three American National Bank of Beaver Dam branches located inside Wal-Mart Supercenters in Wisconsin. Citizens will acquire the ANB branches in the Wal-Marts in Appleton, Fond du Lac and Oshkosh. Citizens plans to open six more branches in Wal-Marts by the end of the year. Jim Cooley, chief executive officer of Citizens, said, "We are very excited about the addition of these three locations to Citizens’ branch network. Strategically, they offer strong potential for core deposit growth and they’re consistent with our targeted expansion strategy." John Oathout, executive vice president of American National Bank of Beaver Dam, said, "Citizens has a proven track record of opening and growing branches. This proposed transaction gives these Wal-Mart locations a trusted partner for the future and the opportunity for continued growth. Retail branching in Wal-Mart Supercenters was not consistent with our strategic plan. This move allows us to sharpen our growth focus and devote additional resources to the remaining branches – a priority for ANB. By further streamlining our business and focusing our attention, we will be able to expand services and provide ANB customers with more individualized service." Financial terms of the deal were not disclosed.
WMBA Endorses Statewide Mortgage Foreclosure Prevention
In response to the subprime mortgage crisis and the rapid increase in home foreclosures, the Wisconsin Mortgage Bankers Association (WMBA) recently endorsed the national HOPE hotline and the Wisconsin Foreclosure Resource, a web site run by the Wisconsin Housing and Economic Development Authority (WHEDA) in support of the hotline. "As an association that believes strongly in educating the public on housing issues, preventative measures surrounding mortgage foreclosures has become one of our top priorities," said WMBA president Ron Steinhofer. "We believe that supporting the efforts of WHEDA and the national HOPE hotline will go a long way towards reversing the foreclosure trends facing the people of Wisconsin." The hotline, run by the Homeownership Preservation Foundation, in partnership with many national lenders and credit counseling agencies, helps callers facing foreclosure by working on a budget and trying to arrange a workout directly with their lender. Homeowners can call 888-995-HOPE to reach a counselor 24 hours a day.
If additional help is needed, callers are referred to local nonprofit housing counseling agencies, all of whom have been trained by NeighborWorks America. Resources can be found at www.WisconsinForeclosureResource.com. These resources also include a network of local WHEDA-approved lenders and real estate professionals and legal aid organizations. "We recognize the importance of these resources as means for consumers to receive trustworthy, professional advice on how to avoid foreclosure," Steinhofer said. "Our members who receive calls will actively encourage consumers to refer the HOPE hotline. WMBA has enjoyed a great partnership with WHEDA and are pleased to support their efforts."
