MARSHFIELD, WI (WSAU) - A Marshfield bank is being sold. Common Council members met Tuesday night, and heard what that sale means for the City of Marshfield, which maintains several accounts there.
Mark Schabert is president and CEO of Community Bank of Central Wisconsin, which will be sold early next year to Citizens State Bank of Loyal and Forward Financial Bank.
Schabert says the FDIC considers Community Bank to be undercapitalized by about 4-million dollars, and that the sale should be smooth. According to Schabert, “The bank is still viable, it’s very stable. Your contract and the collateralization of your funds are well maintained.”
According to city administrator Steve Barg, the city currently has three years left on a five-year contract with the bank where it keeps accounts totaling around $500,000.