FDIC closes small bank in Wisconsin

AP News
Posted: May 31, 2013 6:34 PM

WASHINGTON (AP) — Regulators say they have closed a small bank in Wisconsin, bringing the number of U.S. bank failures to 14 this year.

The Federal Deposit Insurance Corp. on Friday seized Banks of Wisconsin, based in Kenosha, Wis.

The lender, which operated two branches, had roughly $134 million in assets and $127.6 million in deposits as of March 31.

North Shore Bank, FSB, based in Brookfield, Wis., agreed to assume all of the failed bank's deposits and to buy about $97.4 million of its assets.

The FDIC will retain the remaining assets for later disposition.

The failure of Banks of Wisconsin is expected to cost the deposit insurance fund $26.3 million.

U.S. bank closures have been declining since peaking in 2010 after the 2008 financial crisis.