Westbury Bank is a West Bend, Wisconsin-based, FDIC-insured financial institution that opened its doors in 1926. The bank has nine branch locations and nearly $802 million in assets.
Westbury Bank found itself in a challenging situation: The examiners were coming, and its compliance officer was leaving. In fact, in the 12 months leading up to the examination, the bank had experienced several staffing changes in its compliance department. The bank’s recently hired general counsel reached out to Wipfli for support and guidance.
Wipfli was already well-versed in the bank’s compliance management system and had been providing compliance testing and consulting services for four years. In light of this new challenge, the firm and the bank together formulated a multi-step process that included the following measures:
- Wipfli served as a temporary, outsourced regulatory liaison with the OCC on behalf of Westbury Bank.
- Wipfli associates were on site to field questions from the examiners and pull together any requested information.
- Wipfli also served as the compliance support team to sustain the personnel, processes and controls already in place at Westbury Bank.
- Wipfli met with the compliance officer when hired to provide the current state of compliance at Westbury Bank, the areas Wipfli staff focused on during the interim period, and provided recommendations for possible future enhancements to the compliance program.
With Wipfli’s help, Westbury Bank was able to successfully get through the examination and maintain the appropriate compliance management and oversight. The bank had the additional peace of mind that came with day-to-day compliance monitoring and testing help from two Wipfli associates.
Wipfli continues to be a resource for the bank by providing compliance testing and consulting support.