The First National Bank of Brookfield has announced that it has formed a new holding company, Brookfield Bancshares, Inc. It is also simplifying its name and will now be known as Brookfield Bank.
Phil Richard, the CEO and president, said customers will notice a new logo and a more modern website but that the bank’s local connections and decision-making will stay the same.
Brookfield Bank is here to stay as an independent, community bank, he said. Richard emphasized the importance of small banks and his bank’s resistance to being bought out by a larger entity.
“We have a very local, responsive management team so we make our decisions in-house,” Richard said. “Whereas a lot of the big banks don’t have local management, they have committees that are not located in the community so therefore they lose that personal touch and the ability to make decisions that help the local market.”
The decision to form a holding company allows the bank greater flexibility and the recent approval of the new entity by federal regulators reflects the bank’s improved financial performance, said Richard. Like many banks, First National Bank of Brookfield took a hit in the 2008 real estate crash. It was left with a considerable number of nonperforming loans on its books.
The shift to a holding company will not affect the bank’s ownership. The same individuals who owned the bank now own shares of the holding company instead of the bank shares directly, said Richard.
Richard emphasized that for bank customers everything will remain the same, but the formation of a holding company provides greater flexibility in supporting local markets and community banking.
“It’s the same owners looking to keep doing the same mission and supporting the local market and the community banking, it just gives us greater flexibility to do that,” he said.
Richard added that is common for banks to have a holding company and it gives the bank more flexibility to reduce financial risks and raise capital.
In addition to these changes, the bank is undergoing a rebranding process, including the simplification of its name.
Although the official name will remain the same, for marketing purposes, the bank will now be referred to as Brookfield Bank.
Richard also mentioned that the bank’s website and logo will be updated as well for a more modern look, with the help of a local freelancer from the western suburbs.
“If you’ve looked at our website recently, it’s in need of an update, it’s a little older and more traditional,” Richard said. “Just a shorter fresher updated look,”
The new website will highlight the bank’s community involvement and support for local businesses as well as become more intuitive and offer new features.
