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CIB Marine Bancshares (CIBH) in Waukesha, Wis., has agreed to buy Avenue Mortgage in Naperville, Ill., CIB announced Monday. Financial terms of the sale were not disclosed.
July 9 -
Wisconsin's CIB Marine started losing millions of dollars long before the financial crisis thanks to overexpansion. A succession of three CEOs sold off retail operations, purged assets and used the bankruptcy process to salvage the bank.
March 28 -
The Federal Deposit Insurance Corp. has terminated enforcement actions against two banks: First Bancshares of Mountain Grove, Mo., and CIB Marine Bancshares of Waukesha, Wis.
March 22 -
CIB Marine in Pewaukee, Wis., is on track to turn more than $110 million of life-threatening debt into an abundance of capital and another shot at selling itself.
September 21
Regulators have lifted a seven-year-old
CIB Marine had to revise its lending procedures, improve cash flow and capital levels, strengthen board oversight and risk management, and develop a management succession plan under a 2004
The $457.7 million-asset company also agreed to adopt a stricter conflict-of-interest policy that addressed the ethical pitfalls of providing loans to insiders and shareholders.
CIB lost $288 million between 2003 and 2011 and filed for Chapter 11 bankruptcy in 2009, but
It was
A few months after the FDIC order was lifted, CIB Marine
