FDIC Takes Over Failed Wausau Bank
By Donnelly Clare
Bank of Wausau has formally become the second bank failure in Wisconsin this year.
Federal regulators closed the bank last week, which has now been taken over by the Federal Deposit Insurance Corporation (FDIC).
The Wausau bank operated only a single bank branch and had about $43.6 million in assets and $40.7 million in deposits as of June 30. The FDIC warned the Bank of Wausau back in April that they had sixty days to improve their financial standing or find a buyer. Regulators were not satisfied with the bank’s performance.
Nicolet National Bank, based in Green Bay, has bought the assets and assume all of the failed bank’s deposits.
Customers of the Bank of Wausau have had their deposits transferred to Nicolet National Bank. The Bank of Wausau website has contact information for customers to access their deposits. FDIC officials say the bank staff will continue to offer customer services during regular business hours, maintain ATM machines, and process customer checks as usual as if no change had occurred.
Customers should expect to be contacted by Nicolet National Bank if any changes need to be made to the terms of customer accounts.