Citizens Bank Collapse

Citizens Bank Closes in Sac City, Iowa

FDIC Takes Action

On November 3, 2023, The Iowa Division of Banking closed Citizens Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Fifth Bank to Fail in Nation

Citizens Bank is the fifth bank to close down in the nation this year.

Conclusion

The failure of Citizens Bank is a reminder of the importance of strong financial regulation. The FDIC's prompt action helped to protect depositors and minimize the impact of the bank's failure on the community.