Tri City National Bank acquires Bank of Elmwood

The Wisconsin Department of Financial Institutions has closed Bank of Elmwood and appointed the Federal Deposit Insurance Corporation or FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, to assume all of the deposits of Bank of Elmwood.

The five branches of Bank of Elmwood will reopen as branches of Tri City National Bank. Depositors of Bank of Elmwood will automatically become depositors of Tri City National Bank. Deposits will continue to be insured by the Federal Deposit Insurance Corporation (FDIC), so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers should continue to use their existing branch until Tri City National Bank can fully integrate the deposit records of Bank of Elmwood.

Tri City National Bank did not pay the FDIC a premium for the deposits of Bank of Elmwood. In addition to assuming all of the deposits of the failed bank, Tri City National Bank agreed to purchase essentially all of the assets.

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Related terms: acquisition, bank, banking, FDIC, insurance