We Are Open! Miller & Miller Law is keeping our clients and staff safe from COVID-19. We are open for free phone and video consults during these difficult times.

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

  1. Home
  2.  » 
  3. Commercial Bankruptcy
  4.  » Wisconsin bank hears good news following bankruptcy

Wisconsin bank hears good news following bankruptcy

| Apr 6, 2014 | Commercial Bankruptcy |

No business or individual is immune from financial troubles. In recent years, a Wisconsin-based bank has experienced woes, including a business bankruptcy. Starting in 2009, the bank was also under federal regulatory orders requiring it to right its financial ship.

The first order against AnchorBank came in June of 2009 in the form of a cease and desist. In Aug. 2010, the bank received a prompt corrective action order from the Office of the Comptroller of the Currency. Both orders were aimed at forcing the bank to improve financial situations. Specifically, the bank was required to strengthen its management, reduce bad loans and increase capitalization.

The bank completed a bankruptcy that reorganized the corporation in Sept. 2013. Changes included selling 15 branches, cutting costs, hiring a new chief executive officer and acquiring $175 million in investor capitalization.

According to reports, a cease and desist order still stands against the bank from the Federal Reserve. A bank spokesperson said that the Fed could not act on its order until the OCC had resolved its orders. The Fed will now work with the bank to resolve the remaining order.

In any business bankruptcy case, complicated legal and financial factors come into play. It’s essential to have a good understanding of the law and proper courses of action before moving forward with financial business decisions. The AnchorBank case illustrates the need to understand how regulatory agencies work together, and that lesson carries over into the private sector as well. Take the time to consider all options and avoid acting out of desperation to ensure the best outcome for your business.

Source: Wisconsin State Journal, “Regulators lift orders against AnchorBank” Judy Newman, Apr. 03, 2014

Archives

Watch Attorney James Miller on the Morning Blend as he discusses his new book, The Secrets About Bankruptcy They Don't Want You To Know.

Click here to order your free copy today!
-Or-
Click here to schedule an appointment at any of our convenient locations.

Morning Blend will re-run on Labor Day.

FindLaw Network