Eighteen banks have failed this year - WKOW 27: Madison, WI Breaking News, Weather and Sports

Eighteen banks have failed this year


WASHINGTON (WKOW) -- Regulators have shut down small banks in Florida, Michigan, Wisconsin and California, lifting to 18 the number of bank failures this year. The weak economy and bad debt brought down 157 banks nationwide in 2010.

The Federal Deposit Insurance Corp. on Friday seized the banks: Sunshine State Community Bank of Port Orange, Florida, with $125.5 million in assets; Peoples State Bank, based in Hamtramck, Michigan, with $390.5 million in assets; Badger State Bank of Cassville, Wisconsin, with $83.8 million in assets; and Canyon National Bank, based in Palm Springs, California, with $210.9 million in assets.

On the Badger State Bank Website the following is posted:

On Friday, February 11, 2011, Badger State Bank, Cassville, WI was closed by the Wisconsin State Department of Financial Institutions. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to Royal Bank, Elroy, WI. For more information on Royal Bank, visit us at www.royalbank-usa.com.

The FDIC has assembled useful information regarding your relationship with Badger State Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.

Please select the link below to read more about this event:

FDIC Bank Closing Information for Badger State Bank

Online service will remain available.

Continue to Badger State Bank's Online Banking Login
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