Bank Failure
The Citizens Bank
BankRegReports is independent of The Citizens Bank and never asks for online banking logins or passwords.
Closed October 18, 1985 · Ogden, UT · FDIC Cert #19383.
- Closing date
- October 18, 1985
- Headquarters
- Ogden, UT
- FDIC Certificate
- 19383
- Total assets at closing
- $93.5M
- Total deposits at closing
- $85.5M
- Estimated loss to the insurance fund
- $33.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commercial Security Bank
Context
On October 18, 1985, regulators closed The Citizens Bank, headquartered in Ogden, UT. At closing, the institution held approximately $93.5M in assets and $85.5M in deposits. The FDIC record names Commercial Security Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $33.9M.
By assets at closing this is the 1241st largest of the 3,526 bank failures in the FDIC record, and the 22nd of 139 in 1985. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did The Citizens Bank fail?
The Citizens Bank was closed by regulators on October 18, 1985.
Who acquired The Citizens Bank?
The FDIC record names Commercial Security Bank as the acquiring institution in the resolution of The Citizens Bank.
How big was The Citizens Bank when it failed?
The Citizens Bank had approximately $93.5M in total assets and $85.5M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
Explore: all failures · UT bank events · 1985 events · events hub