WASHINGTON Wisconsin suffered its first bank failure in over two years late Friday as regulators closed a small institution in Kenosha and sold off most of its operations.
The $134 million-asset Banks of Wisconsin became the industry's 14th failed bank of the year. The state-chartered bank's $128 million in deposits were all sold to North Shore Bank FSB in Brookfield, Wis., according to the Federal Deposit Insurance Corp. The failed bank's two branches will reopen under normal business hours as part of North Shore Bank.
North Shore also agreed to acquire about $97 million of Banks of Wisconsin's assets. The failure was estimated to cost the FDIC just over $26 million. It was the first failure in Wisconsin since Legacy Bank was closed in Milwaukee in March 2011.