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Johnson Bank assumes deposit liabilities of Wisconsin state employees plan

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Johnson Bank assumes deposit liabilities of Wisconsin state employees plan

Racine, Wis.-based Johnson Bank is assuming deposits held for a Wisconsin state employee retirement program, a company spokesperson said.

The Wisconsin Department of Employee Trust Funds previously used Columbus, Ohio-based Nationwide Bank as a partner to offer an FDIC-insured option for state employees. In November 2018, Johnson Bank agreed to acquire the deposits from Nationwide Bank and applied for the transfer with the Federal Reserve.

That agreement between the banks was terminated mutually and Johnson Bank withdrew its application, but Johnson Bank signed a separate agreement with the Wisconsin program to assume the employees' deposits, the spokesperson said.

The Wisconsin program withdrew its deposits from Nationwide Bank on Dec. 18, 2018, a Nationwide Bank spokesperson said in an email.