Michael Madden of Cudahy is being held in the Milwaukee County Criminal Justice Facility on $50,000 bail and is scheduled for a preliminary hearing July 30, the Milwaukee Journal Sentinel reported Monday.

Court papers indicate that Madden, 46, has been charged for a July 1 robbery of an M&I Bank in Milwaukee, as well as for a July 11 robbery of National City Bank in St. Francis, Wis.

Madden allegedly told police that he was desperate and saw the M&I Bank and "decided to just take a chance

and go ahead and rob the bank and, if he got caught, so be it, and if not, he'd have somewhere to stay that night," the criminal complaint says.

Police say Madden also admitted to robbing the St. Francis, Wis., bank.

If convicted, Madden faces for each count up to 40 years in prison and a fine of up to $100,000, the newspaper said.

Madden was released from the Oshkosh Correctional Institution July 1 after serving 16 months for a bank robbery-related offense.