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Too much pressure for Bank of Elmwood in Wisconsin
Brunei News.Net
Saturday 24th October, 2009
Bank of Elmwood, Racine, Wisconsin, was closed Friday by the Wisconsin Department of Financial Institutions.
The Federal Deposit Insurance Corporation (FDIC) has been appointed as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood.
The five branches of Bank of Elmwood will reopen on Saturday as branches of Tri City National Bank. Depositors of Bank of Elmwood will automatically become depositors of Tri City National Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million. Tri City National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Bank of Elmwood is the 104th FDIC-insured institution to fail in the Nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was The First National Bank of Blanchardville, Blanchardville, on May 9, 2003.  Email this story to a friend
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