Natcom Bancshares
Natcom Bancshares, Inc. is a community banking company based in Superior, Wisconsin whose bank subsidiary is National Bank of Commerce. The bank has seven locations in northern Wisconsin and northeast Minnesota, and $570 million in assets.[1]
History
Union National Bank was chartered February 7, 1934, taking the place of United States National Bank, which had closed. Union National Bank opened on April 16, 1934 with $200,000 in capital.
Union National Bank bought American Exchange Bank on December 31, 1935. On April 16, 1940, after purchasing the National Bank of Commerce, the bank moved to a new location and took the other bank's name.
In September 1972, National Bank of Commerce purchased Poplar State Bank of Solon Springs, Wisconsin.[2]
In 1980, the current NBC-Superior Building on Tower Street was built.[3]
In 1998, National Bank of Commerce started the holding company Natcom Bancshares, Inc. Since then, the bank has opened a new branch in Superior and two Minnesota branches, in Hermantown and Duluth.[2]
On June 18, 2008, Natcom announced the purchase of Superior Bancorp, with $90 million in assets and two branches in Superior. The deal gave Natcom $540 million in assets and a 60 percent share of Douglas County, Wisconsin deposits.[4]
An investigation in Fall 2009 by the Comptroller of the Currency found ""unsafe and unsound banking practices"; bank vice president Bruce Thompson said the recession affected many of the bank's customers, but said the bank was not experiencing problems with defaults. The bank agreed to watch customers more closely.[1]
References
- 1 2 Renalls, Candace, "Feds advise Superior bank to monitor at-risk borrowers," Duluth News-Tribune, March 9, 2010.
- 1 2 "Our History". nbofc.com. Retrieved 2010-10-19.
- ↑ "Obituaries," The Daily Telegram, August 25, 2008.
- ↑ Robert Barba, "Natcom of Wis. Buying Rival," American Banker, 6/20/2008, Vol. 173 Issue 119, p. 5.