An Aug. 4 Tomah Monitor-Herald article inaccurately linked a foreclosure action initiated by Timberwood Bank to 244 potential job losses and the financial problems of Three Bears Resort.

The article incorrectly stated that Timberwood’s July 28 foreclosure action was initiated against Three Bears Resort, rather than against Twin Lakes Land, LLC. The foreclosure action resulted from the bank’s move to collect funds owned on a single lot owned by Twin Lakes Land, LLC. Although the lot lies within walking distance of many of the resort’s amenities and is owned by the resort’s CEO Ed Van Der Molen, along with several other partners, it is a separate business entity from the main resort.

Timberwood President Jason Bloxham stated, “The foreclosure action referenced in the Aug. 4 article did not at any time affect any of the resort’s 244 employees as we were not foreclosing on the campground, hotel, or waterpark. This particular foreclosure action was fully resolved within three days with no loss to Timberwood Bank.”

Bloxham said Timberwood Bank is well-capitalized by Federal Deposit Insurance Corporation (FDIC) benchmarks.