Milwaukee bank is first failure of 2016

North Milwaukee State Bank, Milwaukee, Wisconsin, was closed March 11 by the Wisconsin Department of Financial Institutions..The two branches reopened as North Milwaukee State Bank, a division of First-Citizens Bank & Trust Company..As of Dec. 31, 2015, North Milwaukee State Bank had $67.1 million in total assets and $61.5 million in total deposits. In addition to assuming all of the deposits of North Milwaukee State Bank, First-Citizens Bank & Trust Company agreed to purchase essentially all of the failed bank's assets..The failure will cost the Deposit Insurance Fund $9.6 million. The last failure in Wisconsin was Bank of Wausau, Wis., on August 9, 2013..First Citizens has made a habit of buying failed banks. This is the bank's eighth such purchase since 2009.."At First Citizens, we've grown both organically and through select mergers and acquisitions with other banks," said Frank B. Holding Jr., chair and CEO of the $31 billion First Citizens Bank. "Our strength and soundness have allowed us to enter into these types of transactions. We assure customers of North Milwaukee State Bank that their deposits are safe, sound and readily accessible, and they can continue to bank with no disruption in service."