Natcom Bancshares, Inc. is a community banking company based in Superior, Wisconsin

Superior, Wisconsin

Superior is a city in and the county seat of Douglas County, Wisconsin, United States. The population was 26,960 at the 2010 census. Located at the junction of U.S. Highways 2 and 53, it is north of and adjacent to both the Village of Superior and the Town of Superior.Superior is at the western...

 whose bank subsidiary is National Bank of Commerce. The bank has seven locations in northern Wisconsin

Wisconsin

Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...

 and northeast Minnesota

Minnesota

Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...

, and $570 million in assets.

History

Union National Bank was chartered February 7, 1934, taking the place of United States National Bank, which had closed. Union National Bank opened on April 16, 1934 with $200,000 in capital

Financial capital

Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....

.

Union National Bank bought American Exchange Bank on December 31, 1935. On April 16, 1940, after purchasing the National Bank of Commerce, the bank moved to a new location and took the other bank's name.

In September 1972, National Bank of Commerce purchased Poplar State Bank of Solon Springs, Wisconsin

Solon Springs, Wisconsin

Solon Springs is a village in Douglas County, Wisconsin, United States. The population was 576 at the 2000 census. The village is located within the Town of Solon Springs.-Transportation:U.S. Highway 53 serves as a main arterial route in the community...

.

In 1980, the current NBC-Superior Building on Tower Street was built.

In 1998, National Bank of Commerce started the holding company Natcom Bancshares, Inc. Since then, the bank has opened a new branch in Superior and two Minnesota branches, in Hermantown

Hermantown, Minnesota

As of the census of 2000, there were 7,448 people, 2,726 households, and 2,077 families residing in the city. The population density was 216.9 people per square mile . There were 2,822 housing units at an average density of 82.2 per square mile...

 and Duluth

Duluth, Minnesota

Duluth is a port city in the U.S. state of Minnesota and is the county seat of Saint Louis County. The fourth largest city in Minnesota, Duluth had a total population of 86,265 in the 2010 census. Duluth is also the second largest city that is located on Lake Superior after Thunder Bay, Ontario,...

.

On June 18, 2008, Natcom announced the purchase of Superior Bancorp, with $90 million in assets and two branches in Superior. The deal gave Natcom $540 million in assets and a 60 percent share of Douglas County, Wisconsin deposits.

An investigation in Fall 2009 by the Comptroller of the Currency found ""unsafe and unsound banking practices"; bank vice president Bruce Thompson said the recession affected many of the bank's customers, but said the bank was not experiencing problems with default

Default

Default may refer to:*Default , the failure to do something required by law**Default judgment*Default , failure to satisfy the terms of a loan obligation or to pay back a loan*Default , a preset setting or value...

s. The bank agreed to watch customers more closely.