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Monroe and Newton Banks Affected by Order Issued to Main Branch
Posted By News On September 2, 2009 @ 6:27 am In Today’s Local News | Comments Disabled
A cease and desist order issued last month to a northwest Iowa Bank will affect two banks in the Jasper County. Vantus Bank of Sioux City was issued the order on July 31st by the U.S. Office of Thrift Supervision after an investigation in May found the bank to have engaged in unsafe or unsound banking practices. Vantus Bank has branches in Monroe and Newton. The order specifies that the bank must submit a plan by September 10th to undergo a restructuring of management and increase capital; or merge or be acquired by another financial institution before the end of the month to reach the required amount of capital designated in the order.
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