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State of Wisconsin
Strengthening Wisconsin's Financial Future
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Bank of Elmwood Closure
The Wisconsin Department of Financial Institutions’ (DFI) Division of Banking announced that it has closed the Bank of Elmwood in Racine, Wisconsin. Immediately after closing the Bank, DFI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the Bank of Elmwood. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of the Bank of Elmwood. Bank of Elmwood’s five branches will reopen on Saturday as branches of Tri City National Bank. Depositors of the Bank of Elmwood will automatically become depositors of Tri City National Bank. Deposits will continue to be insured by the FDIC. Customers should continue to use their existing branch until Tri City National Bank can fully integrate the deposit records of the Bank of Elmwood. This evening and over the weekend, depositors of the Bank of Elmwood can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. In closing the bank, the Secretary of the Department of Financial Institutions, Lorrie Keating Heinemann, stated that “Wisconsin is not immune from the national economic downturn and as the economy improves we are optimistic that Wisconsin’s banks will also see an improvement.” Secretary Heinemann also said “We are pleased that a strong Wisconsin Bank, Tri City National, will continue to provide banking services for the customers of the Bank of Elmwood.” Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-234-9027. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 am to 8:00 p.m. CDT. Interested parties can also visit the FDIC’s website at: http://www.fdic.gov/bank/individual/failed/elmwood.html. # # # # # # # # # # # # # # Media can contact David Barr of the Federal Deposit Insurance Corporation at 202-898-6992 for information on the receivership process, specifics of this receivership and information on the FDIC’s insurance fund. The Department of Financial Institutions regulates Wisconsin’s state-chartered financial institutions. Additional Information from the FDIC: Bank of Elmwood, Racine, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood. Click here for more information… Media Alert
E-mail Claiming to Be From the FDIC – October 26, 2009The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC. The subject line of the e-mail states: “check your Bank Deposit Insurance Coverage.” The e-mail tells recipients that, "You have received this message because you are a holder of a FDIC-insured bank account. Recently FDIC has officially named the bank you have opened your account with as a failed bank, thus, taking control of its assets.” The e-mail then asks recipients to “visit the official FDIC website and perform the following steps to check your Deposit Insurance Coverage” (a fraudulent link is provided). It then instructs recipients to “download and open your personal FDIC Insurance File to check your Deposit Insurance Coverage.” This e-mail and associated Web site are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, some of which may be used to gain unauthorized access to on-line banking services or to conduct identity theft. The FDIC does not issue unsolicited e-mails to consumers. Financial institutions and consumers should NOT follow the link in the fraudulent e-mail. About DFI
The Wisconsin Department of Financial Institutions mission is to ensure the safety and soundness of Wisconsin's financial institutions, to protect the consumers of financial services, and to facilitate economic growth - all as key components of Governor Jim Doyle's Grow Wisconsin plan. The agency regulates and licenses financial service providers who do business in Wisconsin. The Division of Banking regulates 232 state-chartered banks, the Office of Credit Unions regulates 265 state-chartered credit unions, and our Division of Securities licenses over 107,198 securities representatives and investment advisors who do business with Wisconsin clients. In addition, the Division of Corporate and Consumer Services maintains the corporate filings for over 175,793 LLCs and 131,867 business companies who are registered to do business in Wisconsin. News and Highlights
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