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