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We are proud to announce that we received an outstanding
CRA rating from the FDIC
Addressing the Needs of the Latino Community
While the demographics have changed in the community since Mitchell Bank opened in 1907, our commitment to our neighbors has not. Over the years, the near Southside of Milwaukee has evolved from being a predominantly Polish neighborhood to one that is primarily Latino. Mitchell Bank has embraced these changes and has sought to address the needs of this community.
Many of the people in this community have never had a banking relationship. There are many reasons for this, and Mitchell Bank has attempted to deal with each of them. It has been our goal to expose people to the banking process who previously would not have been and to help educate them along the way.
In 1996, the IRS began issuing an Individual Tax Identification Number (ITIN) to individuals required to file income tax returns, but who are not eligible for a Social Security Number (SSN).
An ITIN number allows people who do not qualify for an SSN to comply with the Internal Revenue Code, and pay taxes on any income they earn.
The final version of the PATRIOT ACT issued on April 30, 2003 also allows financial institutions and other agencies to accept an ITIN.
Mitchell Bank has become a certified acceptance agent of ITIN applications. This allows us to help educate customers about the need for an ITIN, and walk them through the application process right at the bank. During the eight months of the program, we have helped more than 600 people obtain a tax identification number.
Many of our customers routinely send money to support family members in Mexico and other parts of Latin America. Normally, international transfers come with enormous fees that eat up people’s hard-earned money. The International Transfer Account comes with an electronic access card. Our customer funds an account with Mitchell Bank, and whomever they designate can access the funds at ATMs around the world.
Not only does the International Transfer Account save our customers fees, but it is safer than many of the other methods available such as cash, money orders, etc.
As a cost effective alternative to expensive wire transfers, you can now send money electronically to Mexico, Europe, and Canada via an ACH. An ACH (Automated Clearing House) is an electronic processing system. This is the same system used for direct deposits. An ACH provides a safe, easy, and cost effective way to send money directly to an account for family, friends, or relative in other countries.
One of our goals is to increase the percentage of homeownership in the communities we serve. We have sought to do this by creating innovative products, forming strategic partnerships, and educating our customers and neighbors.
Mitchell Bank has developed a Community Mortgage Program to assist those individuals that do not qualify for traditional mortgage products. The program offers special loan terms and qualifications to assist these customers in building a credit history and establishing a record of repayment.
Mitchell Bank has made it a priority to be accessible to those members of our community who are not fluent in English. To accomplish this, we offer bilingual product brochures, we accept loan applications, and conduct loan closings in Spanish, and seek to attract and retain the best bilingual bankers in Milwaukee. More than 1/2 of our staff and three of our officers are bilingual.