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Wisconsin Bank Closes, Bringing 2013 Tally to 18

For the second week in a row, the ""FDIC"":http://fdic.gov/ had to announce the closure of another insured bank.


The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.

To protect depositors, ""Nicolet National Bank"":https://www.nicoletbank.com/ in Green Bay has agreed to assume all of the failed bank's deposits and will purchase approximately $29.9 million of its assets. FDIC will retain the remaining assets for later disposition.

According to FDIC's estimates, the cost to the Deposit Insurance Fund will be $13.5 million.

Bank of Wasau is the 18th FDIC-insured institution to collapse so far this year and is the second to fall in Wisconsin.

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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