Aug 15 - Bank of Wausau, Wausau, Wis., has been closed by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Nicolet National Bank, Green Bay, Wis., to assume all of the deposits of Bank of Wausau.
As of June 30, 2013, Bank of Wausau had approximately $43.6 million in total assets and $40.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Nicolet National Bank agreed to purchase approximately $29.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
Customers with questions about the transaction should call the FDIC toll-free at 800-517-1846. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/bankofwausau.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $13.5 million. Compared to other alternatives, Nicolet National Bank's acquisition was the least costly resolution for the FDIC's DIF. Bank of Wausau is the 18th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Banks of Wisconsin, Kenosha, on May 31, 2013.