Citizens First Bank, Viroqua, has agreed to pay a $3,185 penalty for violations involving a lack of flood insurance.
An order released by the Federal Deposit Insurance Corp. on Friday said there were nine instances in which customers obtained loans from the western Wisconsin bank for property in a flood hazard area but were not required to get adequate flood insurance. The bank neither admitted to nor denied the violations, according to the May 28 order.
In other orders released by the FDIC on Friday,
- West Pointe Bank, Oshkosh, was told to appoint a full-time compliance officer and to train bank personnel on consumer laws, especially those regarding flood insurance;
- and Foundations Bank, Pewaukee, and Community First Bank, Rosholt, were told to raise their capital ratios, reduce delinquent loans and develop budgets and profit plans for at least the next year or two.
