Contact: John Griffith
PEWAUKEE, WI – 9/30/13 – The Board of Directors of Foundations Bank, a member of Generations Bancorp, Inc., is pleased to announce the termination of its Consent Order with the Federal Deposit Insurance Corporation (FDIC) and the State of Wisconsin Department of Financial Institutions. The Bank will no longer be subject to any regulatory actions.
“This is a great day for our organization as the FDIC has confirmed our achievements in strengthening both the credit portfolio and capital structure of the bank,” noted John Hazod, Interim President. “We’re now a strong, healthy bank and positioned well to serve the businesses and residents in the communities that we serve.”
On May 15, 2013, the Boards of Generations Bancorp, Inc. and Foundations Bank announced it had successfully completed its FDIC-stipulated capital raise. The capital raised by the Holding Company was injected into the Bank and increased the Bank’s capital ratios well above FDIC requirements.
“We couldn’t have done this without the incredible dedication of our associates, clients, and Board of Directors,” Hazod said. “I want to thank all of them for their hard work and loyalty as we’ve navigated the bank through this transition. We’re looking forward to a bright future and are working hard to build one of the finest community banks in the area.”
The Bank has introduced new consumer loan and mortgage products, while continuing its focus on serving small to medium-sized businesses in its markets. A new branding campaign, including a revamped website, is also in process. “We will have several announcements in the coming months,” Hazod said.
Foundations Bank is a member of Generations Bancorp, Inc. and an independent community bank located in Pewaukee, Wisconsin with total assets of $125 million. The bank primarily serves Southeastern Wisconsin, with a broad range of banking services to both commercial and consumer customers. For more information, visit www.foundationsbank.com.