On June 28, 2007, First National Bank in Manitowoc resubmitted its December 31, 2006 call report to correct the amount of restructured loans to $103 thousand versus the $103 million that was inadvertently reported. The effect of the error was to overstate the amount of nonperforming loans ratios.

The American Banker included the overstated restructured loan balances in an article dated June 28,2007 that identified First National Bank in Manitowoc as the bank with the highest nonperforming ratios for 2006. The corrected ratio of nonaccrual loans plus restructured loans to end of period loans at December 31, 2006 is 0.85% compared to the reported 25.3%. First National Bank in Manitowoc had nonperforming assets of $3.6 million at December 31, 2006 compared to the reported $106 million.

First National Bank is an independent community bank, in business since 1894, with fifteen locations throughout Manitowoc, Brown, Calumet, and Sheboygan counties. The bank employs approximately 215 people. Total assets exceed $665 million dollars. To learn more about First National Bank visit www.bankfirstnational.com.

Home / Locations / Products and Services / Loan Center / Investor Relations /Internet Banking
About / Careers / Community Events / What's New / Search Our Site / Contact the Bank

Member FDIC • An Equal Housing Lender
Copyright 1998-2007 First National Bank in Manitowoc