Eric Skrum, Wisconsin Bankers Association
608/441-1216 | (c) 608/445-6430 | eskrum@wisbank.com
Twitter: @wisbank
“As the economy slowly recovers from the recession, Wisconsin’s banking industry continues to support small businesses, manufacturers and other business endeavors, contributing to the recovery. The banking industry continues to work through lingering effects of the recession, and while in rare cases this may lead to bank closures, on the whole Wisconsin’s banks continue to improve their financial condition.
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 Bank of Wausau 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 Bank of Wausau.”
Bank of Wausau is the fourteenth Wisconsin-based federally insured depository to be seized by regulators since the current financial downturn began in 2008. The others are: Prime Financial Credit Union, Cudahy, March 2009; Bank of Elmwood, Racine, October 2009; First American Credit Union, Beloit, September 2010; Maritime Savings Bank, West Allis, September 2010; First Banking Center, Burlington, November 2010; Evergreen State Bank, Stoughton, January 2011; Badger State Bank, Cassville, February 2011; Wisconsin Heights Credit Union, Ogema, March 2011; Legacy Bank, Milwaukee, March 2011; Wausau Postal Employees CU, Wausau, May 2012; A M Community Credit Union, Kenosha, August 2012; and New Covenant Missionary Baptist Church Credit Union, Milwaukee, January 2013; and Banks of Wisconsin, Kenosha, May 2013.
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The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing nearly 270 commercial banks and savings institutions, their nearly 2,300 branch offices and 23,000 employees.
