Bank Failure
Citizens Bank
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Closed November 3, 2023 · Sac City, IA · FDIC Cert #8758.
- Closing date
- November 3, 2023
- Headquarters
- Sac City, IA
- FDIC Certificate
- 8758
- Total assets at closing
- $60.4M
- Total deposits at closing
- $52.3M
- Estimated loss to the insurance fund
- $12.5M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Iowa Trust & Savings Bank
Context
On November 3, 2023, regulators closed Citizens Bank, headquartered in Sac City, IA. At closing, the institution held approximately $60.4M in assets and $52.3M in deposits. The FDIC record names Iowa Trust & Savings Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $12.5M.
By assets at closing this is the 1525th largest of the 3,526 bank failures in the FDIC record, and the 5th of 5 in 2023. It falls in the period the record labels Regional Banking Stress (2023-present), a period with 15 failures peaking at 6 in 2026.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Citizens Bank fail?
Citizens Bank was closed by regulators on November 3, 2023.
Who acquired Citizens Bank?
The FDIC record names Iowa Trust & Savings Bank as the acquiring institution in the resolution of Citizens Bank.
How big was Citizens Bank when it failed?
Citizens Bank had approximately $60.4M in total assets and $52.3M in deposits at the time of failure.
Other failures in 2023
| Date | Bank | Assets |
|---|---|---|
| Jul 28, 2023 | Heartland Tri-State Bank | $139.4M |
| May 1, 2023 | First Republic Bank | $212.64B |
| Mar 12, 2023 | Signature Bank | $110.36B |
| Mar 10, 2023 | Silicon Valley Bank | $209.03B |
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