Bank of Wausau told to raise capital or sell out
Federal regulators have told the Bank of Wausau to shape up its finances or find a buyer.
The Wausau Daily Herald reports the Federal Deposit Insurance Corp. in February gave the bank 60 days to boost its capital or sell itself to another financial institution. Those 60 days are up Friday.
The newspaper says Bank of Wausau CEO Nancy Quinlisk did not immediately respond to requests for comment Monday.
The Bank of Wausau was founded in 1999 and has one location, in Wausau. Its total assets are listed at $52.7 million, but the bank has reported fourth straight years of losses.
In an order released Friday, the FDIC says the bank continues to deteriorate while its management has not demonstrated the ability to return it to health.
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