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Failed Bank Information
Information for Bank of Elmwood, Racine, WI
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Purchase and Assumption Agreement (2.1 MB PDF File - PDF Help)
  7. Bid Summary
  8. Receivership Termination
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I.  Introduction
On Friday, October 23, 2009, Bank of Elmwood, Racine, WI was closed by the State of Wisconsin Department of Financial Institutions, and the Federal Deposit Insurance Corporation(FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.
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II.  Press Release
The FDIC has issued a press release (PR-190-2009) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.

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III.  Acquiring Financial Institution
All deposit accounts, excluding certain brokered deposits, have been transferred to Tri City National Bank, Oak Creek, WI ("assuming institution") and will be available immediately.  On Saturday, October 24, 2009, the former Bank of Elmwood locations will reopen as branches of Tri City National Bank.

Your transferred deposits will be separately insured from any accounts you may already have at Tri City National Bank for six months after the failure of Bank of Elmwood. Checks that were drawn on Bank of Elmwood that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-234-9027.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Tri City National Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Tri City National Bank by visiting their web site.

Tri City National Bank (www.tcnb.com)

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IV.  Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
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V.  Dividend Information
Dividend History on Bank of Elmwood

Dividend Information on Failed Financial Institutions

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VIII.  Receivership Termination
The FDIC as Receiver for Bank of Elmwood, has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on October 11, 2012.

The Receiver has made all dividend distributions required by law.

Effective September 1, 2013, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.


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Last Updated 09/03/2013 cservicefdicdal@fdic.gov