On March 11, the FDIC closed down is first bank for 2016 as North Milwaukee State Bank shuttered its doors. This institution is also the first bank failure in over five months, when Hometown National Bank was shuttered last October.
This bank failure is the first for the month of March and brings the overall number of bank closures in 2016 to 1.
3/11/2016 *** Wisconsin *** Milwaukee *** North Milwaukee State Bank *** $9.6 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $9.6 million.
If you were banking at North Milwaukee State Bank in Milwaukee, WI, you are now banking at First-Citizens Bank & Trust Company based out of Raleigh, North Carolina.
For more on the FDIC bank closure lists you can go to the FDIC website and search through their report of failed banks, credit unions, and Trusts.
In 2015, there were a total of 8 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.
Entering 2016, there are around 425 banks and other financial organizations on the troubled list due to mortgages, derivatives, and bad investments.
At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2016 could reach 4.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.