Iowa's Citizens Bank shuttered; assets and deposits assumed by Iowa Trust & Savings Bank
Citizens Bank, based in Sac City, Iowa, has been shuttered due to financial instability, marking the fifth US bank failure in 2023. The Iowa Division of Banking sanctioned the Federal Deposit Insurance Corporation's takeover on Friday, November 3, with the FDIC subsequently appointed as receiver.
Customers can access funds via checks or ATM/debit cards over the weekend and loan payments should continue as usual. Despite the systems changes, deposit insurance for Citizens' customers remains unaffected. This bank closure follows a trend that started with First Citizens Bank on March 10, making it the fifth banking failure in 2023 within the US.
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