Feds, State Taking Hard Look at Johnson Bank

Federal and state financial watchdog groups are taking a close look at, the financial arm of the Johnson Family of companies, according to The Journal Times. 

The JT reports that on Thursday, the Federal Reserve Bank of Chicago and the Wisconsin Department of Financial Institutions announced an agreement that requires Johnson Bank and its parent holding company Johnson Financial Group to make improvements to get back in the agencies' "good graces."

Johnson Bank CEO Russ Weyers told the JT that this didn't feel good, particularly for a company known for being conservative and solid, but also said this isn't as serious as what happened to Elmwood Bank—which was shut down due to ongoing issues with its operation.

Johnson Bank has branches throughout Wisconsin, including in Caledonia and Wind Point.