Wisconsin Bank Closes, 2013 Failure List Reaches 14

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.