A financial institution in Wisconsin was the fifth federally insured bank failure this year — costing the Deposit Insurance Fund nearly $150 million.

The Office of the Comptroller of the Currency on Friday closed down Guaranty Bank. The Glendale, Wisconsin-based firm had $1 billion in assets.

Guaranty Bank was previously ordered by the OCC to tighten bookkeeping compliance and develop a plan for restoring its financial health.

Source: Mortgage Daily