Data / Bank failures / 2011 / Legacy Bank
Legacy Bank, Milwaukee, WI: failed March 11, 2011
Legacy Bank in Milwaukee, Wisconsin, failed on March 11, 2011. Seaway Bank and Trust Company of Chicago, IL, took over its deposits. It held $190.4 million in assets and $183.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $73.7 million (38.7% of its assets). By assets it was the 50th largest of 92 banks closed or assisted in 2011.
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The FDIC's record
- Closed
- March 11, 2011
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Seaway Bank and Trust Company, Chicago, IL
- Total assets
- $190,418,000
- Total deposits
- $183,309,000
- Estimated cost to the FDIC
- $73,718,247 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- DIF
- FDIC certificate
- 34818
Other bank failures in Wisconsin, 2009 to 2013
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Bank of Wausau | Wausau | August 9, 2013 | $43.6 million | $40.7 million | $13.4 million | Nicolet National Bank |
| Banks of Wisconsin | Kenosha | May 31, 2013 | $134 million | $127.6 million | $22.5 million | North Shore Bank, FSB |
| Badger State Bank | Cassville | February 11, 2011 | $83.8 million | $78.5 million | $19.5 million | Royal Bank |
| Evergreen State Bank | Stoughton | January 28, 2011 | $240.9 million | $193.7 million | $28.1 million | McFarland State Bank |
| First Banking Center | Burlington | November 19, 2010 | $750.7 million | $664.8 million | $86.1 million | First Michigan Bank |
| Maritime Savings Bank | West Allis | September 17, 2010 | $350.5 million | $248.1 million | $88.4 million | North Shore Bank, FSB |
| Bank of Elmwood | Racine | October 23, 2009 | $327.4 million | $272.8 million | $99.5 million | Tri City National Bank |
Other failed banks Seaway Bank and Trust Company took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First Suburban National Bank | Maywood | IL | October 22, 2010 | $143.5 million | $135.5 million | $44.3 million | Seaway Bank and Trust Company |
All bank failures in 2011 · All bank failures in Wisconsin · Every failed bank Seaway Bank and Trust Company took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.