WAUSAU (WAOW) - Federal regulators say the Bank of Wausau is "undercapitalized" and must fix the problem or find a buyer for the business.
The Federal Deposit Insurance Corp. issued a "supervisory prompt corrective action directive" to the Bank of Wausau in February, giving it 60 days to restore the bank to a status of adequately capitalized.
The FDIC said it first notified the bank that it was undercapitalized in November 2011 and the bank submitted two restoration plans that failed to meet the requirements of federal law.
"The bank's condition continues to deteriorate," according to the FDIC directive. "The bank's management has not demonstrated the ability to return the bank to a safe and sound condition."
Bank of Wausau President Nancy Quinlisk did not immediately return a telephone message Tuesday.
Bank of Wausau was founded in 1999 as a commercial bank and has one location in Wausau.
The directive to the Bank of Wausau was one of 46 orders issued by the FDIC in February and made public last Friday.