The FDIC and Wisconsin Department of Financial Institutions have ordered Mid America Bank of Janesville, which has a loan office in Madison, to hire an outside consultant to conduct a management study aimed at restoring the bank to a “safe and sound” condition.
The bank must create an ethics policy and provide ethics training, reduce its risk position for delinquent loans, maintain a risk-based capital ratio of at least 13%, and keep assets and loans in check for three months. Dividends to shareholders must also be FDIC approved. Mid America was founded in 1910.
