RACINE, WI (WTAQ) - Wisconsin’s second-largest home-owned bank is profitable again.
And federal regulators say the Johnson Bank of Racine no longer needs special government scrutiny.
The bank saw its capital funding went down due to bad loans during the Great Recession. Since then, Johnson Bank obtained new leaders. And the Racine family that owns SC Johnson invested $235 million to restore the bank’s federal status of being well-capitalized.
The government said Johnson Bank had a net income of $15 million from January through September.
Johnson Financial Group president Tom Bolger said the bank has made good progress in returning to profitability – and the ending of the scrutiny means that regulators are again confident that Johnson Bank has a strong financial position.
The bank was under a federal agreement since May of last year to take a number of steps to strengthen the business.