About Our Bank
MWBank, an independent
bank in operation since 1914, is locally owned by
a one bank holding company, Capital Commerce Bancorp, Inc. As a result, we
are able to quickly make our own credit and policy decisions. We pride
ourselves on prompt decisions.
These factors combine to make MWBank a
responsive, "do it today" type of bank. Your financial needs are
unique. We not only sell products, we provide services. We are able to deliver
the personal touch to any financial requirement.
History
In August of 1994 a group of Milwaukee area investors
formed Capital Commerce Bancorp Inc. and purchased MWBank
from Western Bancshares. These investors became the executive officers and
directors of MWBank. Since that time assets have grown
from $89 million to $159 million; deposits from $73 million to $144
million; and loans from $24 million to $121 million. We have also added
over 500 new business relationships. In 1997 our branch in Hartland opened
and currently serves over 1,000 customers per month and has $12 million in
loans and $6 million in deposits. In addition to increasing the bank's
assets, all IT processing systems and computers were upgraded. The following paragraphs provide you with highlights of
our history during the last 86 years.
MWBank's founding bank, the Teutonia Avenue
State Bank, opened its doors for business in December of 1914 funded with
capital stock of $50,000 provided by Judge J. C. Eschweiller, Frank B
Schultz, and Charles H. Phillips. The original number of employees totaled
four, with E. W. Staadt as President. By 1916 it had grown to seven and,
keeping pace with the suffrage movement of the times, included a woman.
The Teutonia and Hadley area was considered "the
end of the carline."
After twelve years, the Teutonia Avenue State
Bank had outgrown its original building and was moved to larger quarters
at 2803 N Teutonia Avenue. The bank's second building was typical of
elegant banking structures at the quarter of the century with marble
expanses and potted palms. Here, the bank underwent a minor name change.
Teutonia Avenue State Bank was shortened to Teutonia Bank.
In 1956, a syndicate led by Harold Emch purchased
control of Teutonia Bank and Mr. Emch became Chairman of the Board and
Gregory Schaefer President. The following year, September 30, 1957, the
bank name was changed to MWBank to properly identify it
with the community.
In 1958 the bank moved to its current location at 60th
and Capitol Drive. This new look in banking reflected the management's
belief that an up-to-date physical plant goes hand in hand with modern
banking methods. The cost to build the new bank was $650,000, including land.
In 1961 MWBank established a scholarship
fund designed for interested science-minded students in the field of space
research. The first scholarship was awarded to a Milwaukee area high
school student.
On December 1, 1963 the bank opened a Trust Department
and in 1964 named Richard Sachs Vice-President and Trust Officer. In 1966
Harold Emch retired as President and named James Hauer as his replacement.
In 1967 Mr. Emch stepped down as Chairman of the Board, given the title of
Honorary Chairman. Richard Sachs was named both the Chairman of the Board
and President.
During the rest of the 60's and 70's Mr. Sachs continued
in his role as Chairman and President. During this time a majority of the
shares of MWBank were owned by a Florida corporation. In
1980, Western Bancshares was formed, and purchased 100% of MWBank. Many shareholders of
MWBank became shareholders
of Western Bancshares. During this process the Florida corporation
liquidated its holdings, the majority of ownership rested in the hands of
Mr. Sachs and the newly appointed Board.
In
1981 an addition to the building that included a new walk-up and drive-up
facility was finished. Also at that time the lobby and other areas of the
bank received a major face-lift, the first since its construction in 1958.
Western Bancshares and MWBank continued with Mr. Sachs as
President and CEO until the Bank was purchased by its current owners in
1994.
