From the Wisconsin State Journal | A troubled Wisconsin bank is trying to raise capital, either by bringing in investors or finding a merger partner, and has been talking to Steven Hovde, a Madison native and Chicago area investment banker. A key measure of the financial health of Evergreen State Bank, located in Stoughton, Wis., has fallen sharply in the past several months, and bank officials sent a letter to the more than 100 shareholders warning the stock soon could be worthless.
Inside these posts: Chicago banks
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Another 500 to 700 bank failures predicted
By Becky Yerak | Nearly 250 U.S. banks have failed since the beginning of 2008, and a Chicago-area investment banker predicted Tuesday that another 500 to 700 U.S. lenders could be seized in coming years.
Steven Hovde, chief executive of Inverness-based Hovde Financial, made the forecast at an Association for Corporate Growth event in Chicago.
He noted that the outlook of other industry observers is even more grim. Fortress Investment Group, for example, said earlier this month that about 2,000 of the nation’s 8,000 banks could fail in coming years.
Arcola Homestead Savings joins list of failed banks
By Becky Yerak |
Arcola Homestead Savings Bank, which had $17 million in assets and $18.1
million in deposits, was closed today by state and federal banking
regulators.
The Federal Deposit Insurance Corp. was unable to find another financial
institution to take over the banking operations. Checks to the retail depositors for their insured funds will be mailed
Monday.
