North Milwaukee State Bank, Milwaukee, Wisconsin, was deemed insolvent and closed by state regulators on March 11, 2016 . The FDIC, after being named as receiver sold the failed bank to First-Citizens Bank & Trust Company, Raleigh, North Carolina. Under the purchase and assumption agreement with the FDIC, Citizens Bank & Trust agreed to assume all deposits (excluding certain brokered deposits) and to purchase all of the failed bank’s assets.