Wanggaard Statement on Bank of Elmwood closing

09 Wanggaard sign

FOR IMMEDIATE RELEASE  --  October 24, 2009

Contact:    Van Wanggaard 262-930-6503

Wanggaard Statement on Bank of Elmwood

Wanggaard Statement on Bank of Elmwood closing

[Racine, Wisc…]

State Senate candidate Van Wanggaard issued the following statement regarding the announcement that the Bank of Elmwood has been shut down and turned over to the FDIC:

“Today’s news that the Bank of Elmwood is closing is unfortunate. The institution has been a pillar in Racine for decades, and the positive contributions that it has made to the community will be sorely missed. I have the utmost respect for the community-minded organization and appreciate the positive impact it has had on the Racine area.

Although the national economic downturn played a role in the bank’s failure, anti-business legislation at the state level also contributed to the Racine institution’s hardships.

My opponent, John Lehman, has supported numerous job-killing policies that are taking a toll on Wisconsin’s financial strength and business climate. Billions of dollars in new taxes have been levied on Wisconsin businesses at a time when they are already struggling to retain workers and meet their loan obligations.

Lehman also authored a bill (SB-2) that would make it harder for businesses to obtain credit from their lending institutions. This credit is essential to many companies that are struggling to stay afloat. Taking financial resources away from a company and then hammering it with new taxes is not the right approach, especially when Racine is enduring a 14.5% unemployment rate.

I encourage the Department of Workforce Development to respond quickly to ensure that any affected Bank of Elmwood employees’ needs are being met. I also encourage the Department of Financial Institutions to expend the resources necessary to ensure a fluid transition so bank customers do not see an interruption in their banking services.”

Bank of Elmwood customers who have questions can call the FDIC at (800) 234-9027 between 9am-6pm on Saturday, and noon-6pm on Sunday.

Paid for by Friends of Van Wanggaard, Sandra Keeran, Treasurer