West Allis-based Maritime Savings Bank was closed at the end of business today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank's assets.
The deposits of Maritime Savings Bank have been assumed by Brookfield-based North Shore Bank, FSB, with the assistance of the FDIC.
As of June 30, Maritime Savings Bank had approximately $350.5 million in total assets and $248.1 million in total deposits. North Shore Bank did not pay the FDIC a premium to assume all of the deposits of Maritime Savings Bank. In addition to assuming all of the deposits of the failed bank, North Shore Bank has agreed to purchase approximately $177.6 million of the failed bank's assets.
Maritime's nine branches will re-open Saturday as as branches of North Shore Bank. Maritime's depositors will automatically become depositors of North Shore Bank. Deposits will continue to be insured by the FDIC.
According to an FDIC release, depositors of Maritime Savings Bank can access their money by writing checks or using ATM or debit cards this evening and over the weekend. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
North Shore Bank President and CEO James McKenna said deposits will be protected in the transaction. All deposits assumed by North Shore Bank will continue to be insured to the limits of FDIC coverage and will be backed by North Shore Bank, which is among the strongest banks. Depositors are now customers of North Shore Bank, and employees are now employees of North Shore.
"For more than 85 years, North Shore Bank has focused on high-touch customer service, prudent banking practices, community involvement and providing an outstanding workplace," McKenna said. "We are pleased to extend this commitment to our new customers, employees and communities. North Shore Bank is one of the strongest banks in the country, and Maritime Savings Bank is a great fit. This acquisition allows us to serve more customers and sets the stage for the combined organization's continued success."
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