Regulatory Alerts2023-11-03
Added · Updated
Closure of Citizens Bank, Sac City
The Superintendent of Banking of the State of Iowa closed Citizens Bank, Sac City, and tendered its receivership to the Federal Deposit Insurance Corporation (FDIC) due to significant, previously unidentified loan losses that rendered the bank insolvent. Iowa Trust & Savings Bank purchased all consumer, business, and public deposits as well as all available loans, ensuring no loss to depositors. The bank's main office and drive-up facility will reopen as a branch of Iowa Trust & Savings Bank.
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