FIs closed: Legacy Bank, Milwaukee, Wisconsin, USA
On Friday, March 11, 2011, Legacy Bank, Milwaukee, Wisconsin was closed by the State of Wisconsin Department of Financial Institutions, Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Seaway Bank and Trust Company, Chicago, Illinois, to assume all of the deposits of Legacy Bank.
The sole branch of Legacy Bank will reopen on Saturday as branch of Seaway Bank and Trust Company.
As of 31 December, 2010, Legacy Bank had approximately USD190.4 million in total assets and USD183.3 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD43.5 million.
Legacy Bank is the 25th FDIC-insured institution to fail in the USA this year and the third in Wisconsin.
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