Regulators shutter small bank in Wisconsin
WASHINGTON (AP) — Regulators have closed a small bank in Wisconsin, bringing the number of U.S. bank failures to 18 this year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Bank of Wausau, based in Wausau, Wis.
The lender, which operated a single bank branch, had about $43.6 million in assets and $40.7 million in deposits as of June 30.
Nicolet National Bank, based in Green Bay, Wis., agreed to assume all of the failed bank's deposits and to buy roughly $29.9 million of its assets.
The FDIC will retain the remaining assets for later disposition.
The failure of Bank of Wausau is expected to cost the deposit insurance fund $13.5 million.
Bank of Wausau is the second FDIC-insured lender in Wisconsin to fail this year.