The Bank of Wausau became the 14th federally insured Wisconsin bank to be seized by regulators Friday.
Nicolet National Bank will assume all deposits for customers at the Bank of Wausau after officials from the Wisconsin Department of Financial Institutions shut down operations at the bank on Friday afternoon.
The sole branch of the Bank of Wausau, 2010 Stewart Ave., reopened on Saturday as a branch of Nicolet National Bank, according to the Federal Deposit Insurance Corp. (FDIC).
Customers of Bank of Wausau automatically became Nicolet National Bank customers.
The bank was ordered to shore up its finances or sell itself to another institution, according to the FDIC.
Customers will be contacted by Nicolet National Bank in the coming weeks about ordering checks and other matters.
Founded in Green Bay in 2000, Nicolet National Bank operates 23 branches in Wisconsin and Michigan.
Nicolet National Bank president Mike Daniels called the move a “positive transaction” for both banks and for the community.
“We are working hard to ensure a smooth transition for everyone,” Daniels said.
As of June 30, 2013, Bank of Wausau had an estimated $43.6 million in total assets and $40.7 million in total deposits, according to the FDIC. In addition to assuming all of the deposits of the failed bank, Nicolet National Bank agreed to purchase approximately $29.9 million Bank of Wausau assets.
Rose Oswald Poels, president and chief executive officer of the Wisconsin Bankers Association, said, “As the economy slowly recovers from the recession, Wisconsin’s banking industry continues to support small businesses, manufacturers and other business endeavors, contributing to the recovery. The banking industry continues to work through lingering effects of the recession, and while in rare cases this may lead to bank closures, on the whole Wisconsin’s banks continue to improve their financial condition. The most important thing for the public to remember is that insured deposits are safe through FDIC Deposit Insurance Fund which is 100 percent funded by the banking industry, not taxpayers.”