Wisconsin Bankers Association: Statement on the closure of North Milwaukee State Bank

“This is the first case of a bank closure in Wisconsin since 2013 and is a rare case where an institution was unable to recover as the rest of the industry has over the past few years. Recent numbers from the FDIC show Wisconsin banks continue to improve and grow in the role of helping businesses grow and families prosper. The industry as a whole is very strong and stable.

The most important thing for the public to remember is that insured deposits are safe through the Federal Deposit Insurance Corporation’s (FDIC) Deposit Insurance Fund which is 100 percent funded by the banking industry, not taxpayers.

Bank depositors are protected from losses up to $250,000, and in many instances in excess of that amount, by the Federal Deposit Insurance Corporation (FDIC). Underscoring this point is the fact that North Milwaukee State Bank customers will have uninterrupted access to their deposits via existing branch locations or by writing checks or using their ATM/debit cards.

No one has ever lost a penny of FDIC insured deposits in the 80-year history of the agency.

Wisconsin’s banking community expresses its support to the affected employees of the North Milwaukee State Bank.”