West Allis-based Maritime Savings Bank was closed on Friday by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank’s assets.
The deposits of Maritime Savings Bank were assumed by Brookfield-based North Shore Bank, FSB, with the assistance of the FDIC. All of Maritime’s eight metro Milwaukee branches and its one branch in Arizona re-opened on Saturday as branches of North Shore Bank.
With the acquisition, North Shore has 53 branches.
As of June 30, Maritime Savings Bank had approximately $350.5 million in total assets and $248.1 million in total deposits. North Shore Bank did not pay the FDIC a premium to assume all of the deposits of Maritime Savings Bank. In addition to assuming all of the deposits of the failed bank, North Shore Bank has agreed to purchase approximately $177.6 million of the failed bank’s assets.
All deposits assumed by North Shore Bank will continue to be insured to the limits of FDIC coverage and will be backed by North Shore Bank. Maritime Savings Bank’s depositors are now customers of North Shore Bank, and employees are now employees of North Shore.
"For more than 85 years, North Shore Bank has focused on high-touch customer service, prudent banking practices, community involvement and providing an outstanding workplace," McKenna said. "We are pleased to extend this commitment to our new customers, employees and communities. North Shore Bank is one of the strongest banks in the country, and Maritime Savings Bank is a great fit. This acquisition allows us to serve more customers and sets the stage for the combined organization’s continued success."
North Shore Bank has a relatively new branch at the intersection of South Howell Avenue and West Puetz Road in Oak Creek. With its acquisition of Maritime Savings Bank, North Shore assumed another branch at South Howell Avenue and West Ryan Road – about one mile from its Puetz Road branch.
Because FDIC-assisted acquisitions occur quickly, North Shore Bank has not yet determined if its Oak Creek branches will be consolidated, said Steve Steiner, senior vice president with the bank. The bank hopes to make that determination by the end of the year.
However, North Shore’s employees in Oak Creek should not worry about their jobs, Steiner said.
“Even if those jobs no longer exist, there are enough openings at North Shore Bank that there is a good chance they could be absorbed in other areas of the bank,” he said.
