Contact: Kate Knox, 414-719-7702
North Shore Bank Selected for FDIC-Assisted Transaction
BROOKFIELD, Wis. – North Shore Bank today announced that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to assume the deposits of West Allis-based Maritime Savings Bank. The transaction is effective immediately, and under the terms of the agreement, North Shore Bank will purchase selected Maritime Savings Bank assets and assume most of the deposits. No depositor will lose any money as a result of this transaction.
Maritime Savings Bank branches, now part of North Shore Bank, will reopen on Saturday, September 18, 2010 at their normal business hours. Customers are asked to continue banking as they normally do at the Maritime offices they are accustomed to visiting.
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.”
Maritime had eight branches in the Milwaukee area and one branch in the Phoenix, Arizona area. Milwaukee area branches included one in the city of Milwaukee and branches in Brookfield, Cudahy, Menomonee Falls, Muskego, New Berlin, Oak Creek and West Allis. North Shore Bank previously operated 44 branches throughout eastern Wisconsin and northeastern Illinois.
“We’re very excited to be serving people in these new communities,” McKenna said. “We think Maritime customers will love North Shore Bank’s products and services. They will be served by the same talented bankers they’ve come to know and trust. Customers of the combined organization will benefit from even more convenient locations and other expanded facilities as we integrate the two organizations. It’s a very positive move.”
North Shore Bank, headquartered in Brookfield, was founded in 1923. It has assets of over $1.7 billion and 44 offices throughout eastern Wisconsin and northeastern Illinois. Current Wisconsin branch locations are in metro Milwaukee, Racine, Kenosha, Appleton, Menasha, the Green Bay area, Burlington, Union Grove, Ozaukee and Door Counties. To find an office, visit northshorebank.com . You can also follow North Shore Bank on Facebook and Twitter.
