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Laona State Bank

Laona, WI
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The FDIC has issued an order to pay a $6,000 civil money penalty to the Laona State Bank, Laona, Wisconsin, following FDIC findings that the bank violated the National Flood Insurance Act and Part 339 of the FDIC's rules and regulations by failing to:

  • obtain flood insurance at the time of the origination for three loans
  • obtain adequate flood insurance at the time of origination of one loan
  • maintain flood insurance for three loans
  • follow force placement flood insurance procedures for one loan
  • provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance when making, increasing, extending or renewing a loan on four occasions

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