Statement on the closure of North Milwaukee State Bank

“This is the first case of a bank closure in Wisconsin since 2013 and is a rare case where an institution was unable to recover as the rest of the industry has over the past few years. Recent numbers from the FDIC show Wisconsin banks continue to improve and grow in the role of helping businesses grow and families prosper. The industry as a whole is very strong and stable.

The most important thing for the public to remember is that insured deposits are safe through the Federal Deposit Insurance Corporation’s (FDIC) Deposit Insurance Fund which is 100 percent funded by the banking industry, not taxpayers.

Bank depositors are protected from losses up to $250,000, and in many instances in excess of that amount, by the Federal Deposit Insurance Corporation (FDIC). Underscoring this point is the fact that North Milwaukee State Bank customers will have uninterrupted access to their deposits via existing branch locations or by writing checks or using their ATM/debit cards.

No one has ever lost a penny of FDIC insured deposits in the 80-year history of the agency.

Wisconsin’s banking community expresses its support to the affected employees of the North Milwaukee State Bank.”

North Milwaukee State Bank is the sixteenth Wisconsin-based federally insured depository to be seized by regulators since the financial downturn began in 2008. The others are: Prime Financial Credit Union, Cudahy, March 2009; Bank of Elmwood, Racine, October 2009; First American Credit Union, Beloit, September 2010; Maritime Savings Bank, West Allis, September 2010; First Banking Center, Burlington, November 2010; Evergreen State Bank, Stoughton, January 2011; Badger State Bank, Cassville, February 2011;Wisconsin Heights Credit Union, Ogema, March 2011; Legacy Bank, Milwaukee, March 2011; Wausau Postal Employees CU, Wausau, May 2012; A M Community Credit Union, Kenosha, August 2012; and New Covenant Missionary Baptist Church Credit Union, Milwaukee, January 2013; Banks of Wisconsin, Kenosha, May 2013; Bank of Wausau, Wausau, August 2013; and CTK Credit Union, Milwaukee, February 2016.

By, Admin