Modern Woodman Is Selling Their Bank
MWA Bank, the bank started by Modern Woodman is being sold. Modern Woodman's Board decided they wanted to focus on their insurance business and will be selling all of the banking, mortgage and loan and credit card businesses. This according to an article in the Quad City Times.
The bank is the first asset the company is selling. Approximately $225 million dollars of deposits will be sold to San Diego based Axos bank. Axos is acquiring $194 million of checking, savings and money market accounts and $31 million of time deposits from MWABank.
Axos isn't acquiring any assets, employees or branches in the transaction. Thirty MWA Bank employees will lose their jobs, although employees will continue to work for MWA Bank until Modern Woodman completely transitions out of the banking business. All MWA Bank employees are eligible for other open positions with Modern Woodman and they'll also be provided severance packages and outplacement services.