New bank won't go from scratch Meissers to buy existing institution

Milwaukee Journal Sentinel (WI)
PAUL GORES Staff Milwaukee Journal Sentinel
Published: October 3, 2008

Organizers who planned to open a new bank in Sheboygan are arranging to buy an existing Wisconsin bank instead. James and Jeanene Meisser applied to state regulators last year to open Lake Shore Bank in Sheboygan. But as raising start-up capital became more difficult in a sour environment for financial institutions, the Meissers and their board of directors began looking into the possibility of acquiring a bank that was for sale rather than starting one from scratch, Jeanene Meisser said.

The organizers plan to buy a bank in western Wisconsin but open an office in Sheboygan as well. Meisser said she could not disclose the name of the bank to be acquired.

"Now when we open the doors, we'll have investments, loans, deposits, infrastructure and experienced employees from day one," Jeanene Meisser said. "It's a shortcut to profitability."

When plans for Lake Shore Bank were announced, the story drew national attention because it's believed James Meisser would be the first profoundly deaf bank chief executive in the United States. Meisser, who grew up in Shorewood, was a bank examiner and financial analyst for the Federal Deposit Insurance Corp. for 25 years. Jeanene Meisser, who will be chief operating officer and controller, is a former bank executive.

Jeanene Meisser said the bank plans to include special technology, such as text-captioned video screens, to make it easier for people with physical challenges to come in and do their banking.

"My husband hasn't lost his vision to reach out to the deaf and hard of hearing," Jeanene Meisser said.



Home News Articles	New bank won't go from scratch Meissers to buy existing institution Milwaukee Journal Sentinel (WI) PAUL GORES Staff Milwaukee Journal Sentinel Published: October 3, 2008 Download a PDF of this article. Organizers who planned to open a new bank in Sheboygan are arranging to buy an existing Wisconsin bank instead. James and Jeanene Meisser applied to state regulators last year to open Lake Shore Bank in Sheboygan. But as raising start-up capital became more difficult in a sour environment for financial institutions, the Meissers and their board of directors began looking into the possibility of acquiring a bank that was for sale rather than starting one from scratch, Jeanene Meisser said. The organizers plan to buy a bank in western Wisconsin but open an office in Sheboygan as well. Meisser said she could not disclose the name of the bank to be acquired. "Now when we open the doors, we'll have investments, loans, deposits, infrastructure and experienced employees from day one," Jeanene Meisser said. "It's a shortcut to profitability." When plans for Lake Shore Bank were announced, the story drew national attention because it's believed James Meisser would be the first profoundly deaf bank chief executive in the United States. Meisser, who grew up in Shorewood, was a bank examiner and financial analyst for the Federal Deposit Insurance Corp. for 25 years. Jeanene Meisser, who will be chief operating officer and controller, is a former bank executive. Jeanene Meisser said the bank plans to include special technology, such as text-captioned video screens, to make it easier for people with physical challenges to come in and do their banking. "My husband hasn't lost his vision to reach out to the deaf and hard of hearing," Jeanene Meisser said. Copyright 2008, Journal Sentinel Inc. All rights reserved. (Note: This notice does not apply to those news items already copyrighted and received through wire services or other media.) Copyright, 2008, Journal Sentinel, All Rights Reserved.
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