WASHINGTON, D.C. (WSAU) - Federal authorities have stepped in to take over an area bank. The Bank of Wausau is now under control of regulators from the Federal Deposit Insurance Corporation (FDIC) as of Friday.
The Bank of Wausau is the second Wisconsin bank to fail this year, and it's believed the FDIC will be responsible for thirteen and a half million dollars in bank liabilities. The Bank of Wausau had about 43.6 million dollars in assets at the end of June. Green Bay based Nicolet National Bank has agreed to assume all of the failed bank's deposits plus buy some of its assets. The FDIC warned the Bank of Wausau back in April that they had sixty days to improve their financial standing or find a buyer. Regulators were not satisfied with the bank's performance.
Customers of the Bank of Wausau have had their deposits transferred to Nicolet National Bank. The Bank of Wausau website has contact information for customers to access their deposits. FDIC officials say the bank staff will continue to offer customer services during regular business hours, maintain ATM machines, and process customer checks as usual as if no change had occured. Customers should expect to be contacted by Nicolet National Bank if any changes need to be made to the terms of customer accounts.