1st National Bank changes bank charters and name
In August, 1st National Bank’s management team began the process to change from a national to a state bank charter. In doing so, the bank stated they will be better aligned with the communities they serve, have additional resources to focus on client service, and further their mission of Growin’ Wisconsin.
As a chartered bank, 1st National’s primary role is to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. A nationally chartered bank is supervised by the Office of the Comptroller of the Currency, an agency in the U.S. Treasury Department. Once state chartered, the bank will be regulated by the Department of Financial Institutions, headquartered in Madison, Wisconsin and the Federal Deposit Insurance Corporation.
Making the transition to the state chartered designation will require 1st National to change their name, as the term national will no longer be allowed.
“We have been conducting business as 1st National Bank for more than 140 years, so making the decision to change our name was difficult,” stated Eric Cerbins, president and CEO of 1st National Bank. “However, in the end, the benefits far outweighed any negatives,” he continued.
A lengthy process, the charter transition will be completed within the first quarter of 2018. As for choosing a new name, the bank began research and development in June and has just formally announced to its clients and shareholders the new name: Fortifi Bank.