Bank strives for long-term growth and sustainability under new leadership
NMSBank, the state’s oldest and largest minority-owned banking institution, announced today a strategic plan to raise new capital, satisfy regulatory issues and return to profitability this year.
A result of the recent economic recession, NMSBank encountered fiscal challenges similar to many banks locally and nationwide. As a result, NMSBank wrote off about $4 million in loans over the past four years and is currently working to return to a well-capitalized status.
Declining real estate values and foreclosures created the bank’s primary financial challenges in its real estate loan portfolio. Consequently, Myricks took aggressive action quickly to strengthen that portfolio and the bank overall by implementing key cuts in expenses, redirecting the bank’s focus and developing the new business development plan to secure new capital.
To date, NMSBank has reduced line item expenses, sold OREO properties, hired a workout credit specialist to assist in liquidation of substandard credits, solicited additional business opportunities to increase income, worked to leverage the NMSBank Community Development Financial Institution status to provide additional services and continues to work towards satisfying all regulatory concerns.
Under the direction and leadership of President & CEO Randy Myricks, NMSBank is implementing a strategic vision to ensure sustainable, long-term success for NSMBank and the clients they serve.
“NMSBank has been serving the African American and minority populations in the Greater Milwaukee community for more than forty years,” said Myricks. “We have already implemented a number of measures to return NMSBank to profitability, and I am confident that we will continue our tradition of service to the community for years to come.”
For more information on NMSB, please visit www.nmsbank.com.