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FDIC takes over First Banking Center

Michigan bank now owns branches

November 25, 2010
As Walworth County Sheriff's deputies stood by at the entrances to the Lake Geneva branch of First Banking Center, Federal Deposit Insurance Corporation officials spent much of the weekend preparing for what appears to now be a smooth transition. On Saturday, First Michigan Bank acquired the troubled First Banking Center which is headquartered in Burlington, with 17 total branches, including several in the Geneva Lake area. That announcement came on the heels of the Wisconsin Department of Financial Institutions closing the bank on Friday. To protect the depositors, the FDIC entered into a purchase agreement with First Michigan to assure all deposits of First Banking Center. As of Saturday, it was business as usual at the bank on Broad Street in Lake Geneva. First Banking Center now officially is a division of the First Michigan Bank, which will operate all of its branches. Throughout the transition, the bank was open during regular business hours and customers could access their accounts and funds. It also appears as though bank tellers and loan officers at the banks will retain their positions. According to information on the First Banking Center website, bank employees, customers or public were not made aware in advance of the FDIC takeover as is typical.

Hundreds remember Como boy

November 25, 2010
Lyons — Carter Dorwin had a million-dollar smile and he showed it off every day at Eastview Elementary School. The 9-year-old loved wrestling, being outdoors with his fellow Cub Scouts and with animals. But, Carter won't have the chance to spend another afternoon fishing, on the wrestling mats, camping in the woods or holding his dog Toby.

Recent Lake Geneva News
Unwelcome in Flatiron Park?
November 18, 2010
It will be up to the Lake Geneva City Council whether the Area Chamber of Commerce building will be expanded in Flatiron Park. Already, members of the Plan Commission have agreed they don’t like the idea.On Monday night, planners voted 5-1 not to allow an addition to the building toward the Andy Gump statue along Wrigley Drive. That recommendation will go the council.Currently, the Chamber of Commerce owns the building, but the land is owned by the city. The chamber rents the property and the current lease runs through 2020, unless an agreement is reached to end the lease. During recent discussions about the future of Flatiron Park, questions arose about the Chamber of Commerce’s needs for the future.
Possible city parking survey, study put on hold
November 11, 2010
The city of Lake Geneva has had parking problems for as long as anyone can remember. Another two weeks isn’t going to change that.On Monday night, council members voted unanimously to continue discussion about a possible $15,000 long-term parking study until Nov. 22. Alderman Tom Hartz cited the recent receipt of a 1995 South Eastern Wisconsin Regional Planning Commission study as one reason to hold off on the decision.Hartz said the SEWRPC study report was “thicker” than the city’s half-inch-thick 2011 budget packet. He said council members needed time to analyze that study before making a decision on spending money for a parking survey.
Traver Hotel future in limbo?
November 11, 2010
It’s not boarded up anymore and the Traver Hotel has undergone some improvements recently, but the old structure remains on the minds of Lake Geneva city officials.On Monday night, City Attorney Dan Draper told the council members there are several options to look at regarding the future of the large white building, located at 323 Broad Street across from Horticultural Hall.However, Draper would not go into specifics about what the city could do. He said he would provide the aldermen with the information by the end of the week.
City balances budget without parking meter rate increase
November 04, 2010
For the second year in a row, city property owners will see the same tax rate when their bills arrive in the mail late next month.City Council members unanimously approved publishing its 2011 balanced budget and notice for the Nov. 22 public hearing with a $5.51 tax rate per $1,000 of assessed value. The city’s portion of the tax bill makes up 27 percent of the total. The city is one of six taxing bodies listed on the tax bill property owners will receive in late December. The city’s tax rate was finalized Monday night, one week after council members cut several items and balanced the budget for a few hours. The budget no longer was balanced later that evening Oct. 25 when there weren’t enough votes to remove the city assessor and replace her with an assessment firm. That change was expected to save $18,000 in 2011 and $50,000 each year after that. Without that cut, city officials were sent back to the drawing board to figure out how to reduce and balance the budget again.
Mirbeau case takes hit with dismissals
November 04, 2010
Lake Geneva Mayor Jim Connors is among those who no longer are defendants in the case between Mirbeau of Geneva Lake and the city of Lake Geneva.On July 1, Mirbeau filed its second amended complaint and added Connors, Lower Density Development, Thomas Muenster and Richard Malmin as parties to the action in the $29 million lawsuit against the city. Mirbeau is suing the city following the failure of their combined development with Geneva Ridge Joint Venture on the 718 acres on the city’s south side. The plan included an inn, winery and homes.However, last week, U.S. District Court Judge J.P. Stadtmueller ordered the dismissal of the plaintiff’s claims against Connors, Malmin, Muenster and LDD. In his 38-page order, Stadtmueller cited several reasons for the dismissal, including deficiencies in the complaint from Mirbeau and exceeding the statute of limitations on one of the claims.
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