The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.8 million. In addition to assuming all of the deposits, Iowa Trust & Savings Bank agreed to purchase essentially all of the failed bank’s assets.
Customers of Citizens Bank should continue to use their existing branch until they receive notice from Iowa Trust & Savings Bank that it has completed systems changes to allow its branch offices to process their accounts as well.Īs of September 30, 2023, Citizens Bank had approximately $66 million in total assets and $59 million in total deposits. Loan customers should continue to make their payments as usual.ĭepositors of Citizens Bank will become depositors of Iowa Trust & Savings Bank, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage. Checks drawn on the bank will continue to be processed.
This evening and over the weekend, depositors of Citizens Bank can access their money by writing checks or using ATM or debit cards. The two branches of Citizens Bank will reopen as branches of Iowa Trust & Savings Bank on Monday during normal business hours. Is the US stock market open on Thanksgiving and the day after?
