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PEWAUKEE – Five million
dollars in new capital has been raised by Generations Bancorp,
Inc., the parent company of Foundations Bank, from new and
existing shareholders, according to a company statement.
Most of the new capital will be used as an equity injection into
Foundations Bank, a subsidiary bank, according to the company.
This injection will exceed the capital requirements of the
Consent Order issued to the bank by the Wisconsin Department of
Financial Institutions and the Federal Deposit Insurance
Corporation in 2010.
“There is a growing need for a strong, local bank in the Lake
Country and Waukesha County markets. We are excited about our
continued ability to deliver superior services to the families
and businesses in our neighborhood,” said John Hazod, interim
president. “The additional capital allows us to make additional
investments in the bank so we can continue to deliver
exceptional service, expertise and commitment to our community.”
Foundations Bank is located in Pewaukee and has total assets of
$127 million.
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