Bank Failure
Bank of Elmwood
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Closed October 23, 2009 · Racine, WI · FDIC Cert #18321.
- Closing date
- October 23, 2009
- Headquarters
- Racine, WI
- FDIC Certificate
- 18321
- Total assets at closing
- $327.4M
- Total deposits at closing
- $272.8M
- Estimated loss to the insurance fund
- $99.5M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Tri City National Bank
Context
On October 23, 2009, regulators closed Bank of Elmwood, headquartered in Racine, WI. At closing, the institution held approximately $327.4M in assets and $272.8M in deposits. The FDIC record names Tri City National Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $99.5M.
By assets at closing this is the 525th largest of the 3,526 bank failures in the FDIC record, and the 62nd of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of Elmwood fail?
Bank of Elmwood was closed by regulators on October 23, 2009.
Who acquired Bank of Elmwood?
The FDIC record names Tri City National Bank as the acquiring institution in the resolution of Bank of Elmwood.
How big was Bank of Elmwood when it failed?
Bank of Elmwood had approximately $327.4M in total assets and $272.8M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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