Government thwarts bank's strategy to pay off $40 million

CHAMPAIGN – Central Illinois Bank's parent company received a blow this week in its attempt to recapitalize and pay off $40 million in debt.

In a filing Thursday with the Securities & Exchange Commission, Pewaukee, Wis.-based CIB Marine Bancshares stated that the Wisconsin Department of Financial Institutions had denied its request to reduce the permanent capital of Marine Bank, CIB's Wisconsin-chartered bank.

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