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FDIC sets Friday deadline for Bank of Wausau to improve finances or sell

Bank of Wausau
Bank of Wausau

WAUSAU, WI (WTAQ) - Time is running out for the Bank of Wausau.

The FDIC has given the bank until Friday to either improve its finances, or sell the bank to another institution.

The federal banking regulators issued their order in early February – and they gave the Bank of Wausau 60 days to do something. But last Friday, the FDIC said the bank’s finances continue to get worse – and the management has not shown that it make things better.

Bank officials have not commented.

The Bank of Wausau was founded 14 years ago, and its only location is in Wausau. The bank reported losing money in each of the last four years, and its total assets are almost $53 million.