Regulators working with Burlington bank hit by bad loans
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BURLINGTON — Federal regulators have ordered a Burlington bank to make changes after hazardous lending and lax collection practices have led to trouble for one local bank.
Regulators from the Federal Deposit Insurance Corporation and the Wisconsin Department of Financial Institutions have been working with the Fox River State Bank since September.
The bank's primary market is western Racine and Kenosha counties and eastern Walworth County.
Keith Pollek, president and CEO of Fox River State Bank, told the Racine Journal Times that bank officials have already started addressing some of the issues raised by regulators.
Bank officials said some of their customers have struggled to repay loans during the past 12 months due to financial difficulties.
An estimated 98 percent of Fox River State Bank's loans are located in southeastern Wisconsin, Pollek said. The remaining two percent are out of state.
Nov 3, 2009 at 11:53 a.m.
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Wow, those poor regulators. I hope they weren't hurt when those bad loans hit them. That can leave a welt! (j/k headline writer)
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