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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.

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Publication:Mena Report
Geographic Code:1U3WI
Date:Mar 16, 2016
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