In a rare move for an industry where community banks are being absorbed into larger lenders, a new one could be created in Delafield with a goal of reaching about $350 million in assets within five years.
If approved, it would become the first new bank chartered in Wisconsin since Spring Bank in Brookfield in August 2008, according to the Wisconsin Department of Financial Institutions.
That new Virtue Bank is being proposed by executives with a long history in the local banking industry who worked for smaller community banks that in recent years merged with other lenders. Mike Moderski, former CEO of McFarland State Bank in Dane County and future CEO of Virtue Bank, used the term “displaced bankers through acquisition.”
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