FDIC Friday ~ Aug 9, 2013
Posted: Sun Aug 11, 2013 1:41 pmNicolet National Bank, Green Bay, Wisconsin, Assumes All of the Deposits of Bank of Wausau, Wausau, Wisconsin
As of June 30, 2013, Bank of Wausau had approximately $43.6 million in total assets and $40.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Nicolet National Bank agreed to purchase approximately $29.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.5 million. Compared to other alternatives, Nicolet National Bank's acquisition was the least costly resolution for the FDIC's DIF. Bank of Wausau is the 18th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Banks of Wisconsin, Kenosha, on May 31, 2013.
As of June 30, 2013, Bank of Wausau had approximately $43.6 million in total assets and $40.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Nicolet National Bank agreed to purchase approximately $29.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.5 million. Compared to other alternatives, Nicolet National Bank's acquisition was the least costly resolution for the FDIC's DIF. Bank of Wausau is the 18th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Banks of Wisconsin, Kenosha, on May 31, 2013.