The Wisconsin Department of Financial Institutions shut down the bank and turned it over to the Federal Deposit Insurance Corporation. The FDIC in turn sold it to an Oak Creek-based bank. The FDIC entered into an agreement with the Oak Creek-based Tri City National Bank to assume all of the Bank of Elmwood deposits and assets.
As of Sept. 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. (more)
The global economic recovery is liable to run out of steam and the risk of a double-dip recession remains real, billionaire investor George Soros said on Friday, a day after the U.S. economy returned to growth.
The world financial system needs to be reinvented to prevent a repeat of the crisis, Soros told a lecture in Budapest, calling for a new Bretton Woods conference to revise the IMF's methods of operation and consider new rules to control capital movements.
"I regret to tell you that the recovery is liable to run out of steam and may even be followed by a 'double dip,' although I am not sure whether it will occur in 2010 or 2011," Soros said. (more)
