Citizens Bank Fails, Fifth Bank Closure in 2023
94-Year-Old Sac City Bank Shuts Down
In a concerning development, Citizens Bank, a 94-year-old financial institution in Sac City, has failed, marking the fifth bank closure in the United States in 2023.
Iowa Trust Savings Bank Assumes Branches
The two branches of Citizens Bank will reopen as branches of Iowa Trust Savings Bank, ensuring continuity of banking services for customers.
FDIC Attributes Failure to Out-of-State Losses
According to a news release from the Federal Deposit Insurance Corp (FDIC), Citizens Bank's failure was primarily caused by significant out-of-state loan losses. The FDIC has been appointed receiver of the failed bank.
FDIC Memorandum Details Findings
The Federal Deposit Insurance Corporation Office of Inspector General has issued a memorandum on the Failed Bank Review of Citizens Bank, outlining the factors leading to its closure.
Bank Closure Date Confirmed
Citizens Bank was officially closed on Friday, November 3, 2023, by the Iowa Division of Banking. FDIC has been named the receiver of the failed bank, providing deposit insurance to customers.
Comments