Iowa Trust Savings Bank Acquired Failed Citizens Bank

Iowa Division of Banking Shuts Down Citizens Bank in Sac City

FDIC Assumes Receivership, Deposit Accounts Transferred

Sac City, Iowa - November 3, 2023 - Citizens Bank, a regional bank based in Sac City, Iowa, has been closed by the Iowa Division of Banking due to financial concerns. The Federal Deposit Insurance Corporation (FDIC) has been named receiver and Iowa Trust Savings Bank has assumed all deposit accounts.

The Iowa Division of Banking made the decision to close Citizens Bank after it was determined that the bank was in an unsafe and unsound condition due to a weak financial position. The bank had been under a consent order with the Iowa Division of Banking for several months and had been working to address its financial issues, but was unable to meet its regulatory requirements.

The FDIC will provide financial assistance to Iowa Trust Savings Bank to facilitate the acquisition and will cover any deposit losses up to the federally insured limit of $250,000 per depositor.

Iowa Trust Savings Bank is a community bank based in Emmetsburg, Iowa. It has a history of stability and has been in operation since 1895.

The closure of Citizens Bank is the third bank failure in Iowa in 2023.