Press Releases


For Immediate Release
October 23, 2009 Contact: Catherine Haberland
608-267-1719

Wisconsin Department of Financial Institutions appoints FDIC Receiver of Bank of Elmwood, Racine, Wisconsin

Tri City National Bank, Oak Creek, Wisconsin assumes all of the deposits of the Bank of Elmwood

(Madison) The Wisconsin Department of Financial Institutions’ (DFI) Division of Banking announced that it has closed the Bank of Elmwood in Racine, Wisconsin, today. Immediately after closing the Bank, DFI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the Bank of Elmwood. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of the Bank of Elmwood.

Bank of Elmwood’s five branches will reopen on Saturday as branches of Tri City National Bank. Depositors of the Bank of Elmwood will automatically become depositors of Tri City National Bank. Deposits will continue to be insured by the FDIC. Customers should continue to use their existing branch until Tri City National Bank can fully integrate the deposit records of the Bank of Elmwood. This evening and over the weekend, depositors of the Bank of Elmwood can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

In closing the bank, the Secretary of the Department of Financial Institutions, Lorrie Keating Heinemann, stated that “Wisconsin is not immune from the national economic downturn and as the economy improves we are optimistic that Wisconsin’s banks will also see an improvement.” Secretary Heinemann also said “We are pleased that a strong Wisconsin Bank, Tri City National, will continue to provide banking services for the customers of the Bank of Elmwood.”

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-234-9027. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 am to 8:00 p.m. CDT. Interested parties can also visit the FDIC’s website at: http://www.fdic.gov/bank/individual/failed/elmwood.html.

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Media can contact David Barr of the Federal Deposit Insurance Corporation at 202-898-6992 for information on the receivership process, specifics of this receivership and information on the FDIC’s insurance fund.

The Department of Financial Institutions regulates Wisconsin’s state-chartered financial institutions.