Printer Friendly

United States : FIRST CITIZENS BANK expanded to WISCONSIN with new acquisition.

First Citizens Bank has become prepared to acquire the assets of a failed community bank, with presence in Milwaukee, ensuring its expansion to the Wisconsin market.

The Raleigh-based First Citizens has decided to acquire basically all of the assets of North Milwaukee State Bank, which went under the receivership of the Federal Deposit Insurance Corp. (FDIC) after the state regulators took over the banks control on Friday evening.

As part of the deal, First Citizens has also assumed the deposits of the failed bank, which has a pair of branches in Milwaukee.

With this newest acquisition, First Citizen has carried out eight purchases since the summer of 2009 involving distressed banking players and all of the deals have been brokered by the bank insurer FDIC.

According to the FDICs estimation, the North Milwaukee deal will require its Deposit Insurance Fund to spend $9.6 million, which it evaluates as the least costly institution.

In a written statement, CEO Frank B. Holding Jr. revealed, Our strength and soundness have allowed us to enter into these types of transactions.

As of the end of 2015, North Milwaukee had assets and loans of respectively $67.1 million and $45.1 million. It is the first financial institution having the FDIC protection to collapse in the current year.

The bank was founded in the year 1971 as the first full-service, minority-owned bank of Wisconsin, as per the official website of the banking organization.

The business profile of First Citizens, as of Dec. 31, 2015, features a network of 559 branches across 18 states and the District of Columbia, along with assets of over $31 billion.

[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2016 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:1U3WI
Date:Mar 16, 2016
Words:284
Previous Article:United States : WWE enters into national cooperation with The V Foundation.
Next Article:Slovakia,United States : SLOVAK Govt inks pact with HTT to develop future routes.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters