North Milwaukee State Bank seeks $100K investment from city

Special to The Freeman

June 9, 2014

MILWAUKEE – North Milwaukee State Bank is asking the Milwaukee Economic Development Corp. for a $100,000 investment.

North Milwaukee Bancshares Inc., the parent company of North Milwaukee State Bank, is asking MEDC, a nonprofit business lender, to purchase 20,000 shares of stock, according to a document submitted to the agency's Loan & Finance Committee.

According to the document, the investment would help boost the bank’s equity capital. FDIC records show that North Milwaukee State bank has assets of about $81 million and earned $10,000 in the first quarter of 2014.

In 2013, North Milwaukee State Bank lost $680,000, according to the FDIC.