On Friday, the Office of Thrift Supervision closed Maritime Savings Bank, headquartered in West Allis, Wisconsin, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with North Shore Bank, FSB, headquartered in Brookfield, Wisconsin, to assume all of the deposits of Maritime Savings Bank.
As of June 30, 2010, Maritime Savings Bank had approximately $350.5 million in total assets and $248.1 million in total deposits. North Shore Bank, FSB did not pay the FDIC a premium for the deposits of Maritime Savings Bank, but did agree to purchase approximately $177.6 million of the failed bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83.6 million. Horizon Bank is the 125th FDIC-insured institution to fail in the nation this year, and the first in Wisconsin since the failure of Bank of Elmwood on October 23, 2009.