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Bank Failure Tally Up to 14 after Closing of Wisconsin Bank

Wisconsin saw its first bank collapse of 2013 over the weekend.

The ""Wisconsin Department of Financial Institutions"":http://www.wdfi.org/ closed Banks of Wisconsin (Kenosha), ""FDIC"":http://fdic.gov/ announced Friday. As receiver, the agency entered into a purchase and assumption agreement with ""North Shore Bank, FSB"":http://www.northshorebank.com/ (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.

FDIC estimates the cost to the Deposit Insurance Fund will be $26.3 million.

Banks of Wisconsin was the 14th FDIC-insured institution to fall so far this year. As of this time last year, 23 insured banks had collapsed.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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