State Business Briefs: FDIC siezes Banks of Wisconsin
KENOSHA - The closing of a bank in southeastern Wisconsin brings the number of bank failures this year to 14. The FDIC seized Banks of Wisconsin yesterday, which is based in Kenosha.
The bank with two branches had about $134 million in assets and 128 million dollars in deposits at the end of March. North Shore Bank in Brookfield will assume all of the failed bank's deposits and will buy about $97 million of its assets. The failure is expected to cost the FDIC a little over $26 million dollars. The Banks of Wisconsin is the first FDIC-insured Wisconsin institution to fail so far this year.
The union representing about 800 workers at the Caterpillar plant in South Milwaukee is recommending they ratify the latest contract agreement. Those members will meet with their negotiating committee a week from tomorrow to review the deal. They will vote two days later. The union had rejected the last offer because it froze wages and pensions. The old contract expired April 30th.