Seaway Bank and Trust Company, Chicago, Illinois Assumes All of the Deposits of Legacy Bank, Milwaukee, Wisconsin

Legacy Bank, Milwaukee, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Seaway Bank and Trust Company, Chicago, Illinois, to assume all of the deposits of Legacy Bank.

The sole branch of Legacy Bank will reopen on Saturday as branch of Seaway Bank and Trust Company. Depositors of Legacy Bank will automatically become depositors of Seaway Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Legacy Bank should continue to use their existing branch until they receive notice from Seaway Bank and Trust Company that it has completed systems changes to allow other Seaway Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of Legacy Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Legacy Bank had approximately $190.4 million in total assets and $183.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Seaway Bank and Trust Company agreed to purchase approximately $165.9 million of Legacy Bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Seaway Bank and Trust Company entered into a loss-share transaction on $120.0 million of Legacy Bank's assets. Seaway Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-430-7974. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., Central Daylight Time (CDT); and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/legacy-wi.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $43.5 million. Compared to other alternatives, Seaway Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Legacy Bank is the 25th FDIC-insured institution to fail in the nation this year, and the third in Wisconsin. The last FDIC-insured institution closed in the state was Badger State Bank, Cassville, on February 11, 2011.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,657 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-55-2011

Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Royal Bank, Elroy, Wisconsin, to assume all of the deposits of Badger State Bank.

The sole branch of Badger State Bank will reopen on Saturday as a branch of Royal Bank. Depositors of Badger State Bank will automatically become depositors of Royal Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Badger State Bank should continue to use their existing branch until they receive notice from Royal Bank that it has completed systems changes to allow other Royal Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Badger State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Badger State Bank had approximately $83.8 million in total assets and $78.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Royal Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-930-1908. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/badgerstate.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.5 million. Compared to other alternatives, Royal Bank's acquisition was the least costly resolution for the FDIC's DIF. Badger State Bank is the seventeenth FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Evergreen State Bank, Stoughton, on January 28, 2011.

McFarland State Bank, McFarland, Wisconsin, Assumes All of the Deposits of Evergreen State Bank, Stoughton, Wisconsin 

Evergreen State Bank, Stoughton, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with McFarland State Bank, McFarland, Wisconsin, to assume all of the deposits of Evergreen State Bank.

The four branches of Evergreen State Bank will reopen on Saturday as branches of McFarland State Bank. Depositors of Evergreen State Bank will automatically become depositors of McFarland State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Evergreen State Bank should continue to use their existing branch until they receive notice from McFarland State Bank that it has completed systems changes to allow other McFarland State Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Evergreen State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, Evergreen State Bank had approximately $246.5 million in total assets and $195.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, McFarland State Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-517-1846. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site athttp://www.fdic.gov/bank/individual/failed/evergreenstatewi.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives, McFarland State Bank's acquisition was the least costly resolution for the FDIC's DIF. Evergreen State Bank is the ninth FDIC-insured institution to fail in the nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was First Banking Center, Burlington, on November 19, 2010.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,760 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-16-2011

First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of First Banking Center, Burlington, Wisconsin

First Banking Center, Burlington, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, Troy, Michigan, to assume all of the deposits of First Banking Center.

The 17 branches of First Banking Center will reopen during normal business hours beginning Saturday as branches of First Michigan Bank. Depositors of First Banking Center will automatically become depositors of First Michigan Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Banking Center should continue to use their existing branch until they receive notice from First Michigan Bank that it has completed systems changes to allow other First Michigan Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Banking Center can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. First Michigan Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Banking Center. In addition to assuming all of the deposits of the failed bank, First Michigan Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC and First Michigan Bank entered into a loss-share transaction on $515.6 million of First Banking Center's assets. First Michigan Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-830-3256. The phone number will be operational this evening until 9:00 p.m. Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m. CST; on Sunday from noon to 6:00 p.m. CST; and thereafter from 8:00 a.m. to 8:00 p.m. CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/firstbanking.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $142.6 million. Compared to other alternatives, First Michigan Bank's acquisition was the least costly resolution for the FDIC's DIF. First Banking Center is the 149^th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin. The last FDIC-insured institution closed in the state was Maritime Savings Bank, West Allis, on September 17, 2010.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,830 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-255-2010