U.S. regulators close Citizens National Bank
Saturday, May 23, 2009
, Posted by IM SD at 7:34 AM
Sat, May 23 05:58 AM
Bank regulators closed Citizens National Bank, of Macomb, Illinois, on Friday, the 36th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said Citizens National Bank had $437 million assets and about $400 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $106 million.
Morton Community Bank, of Morton, Illinois, agreed to assume the deposits of Citizens National Bank, who offices will reopen on Saturday as branches of Morton Community Bank.
Bank regulators closed Citizens National Bank, of Macomb, Illinois, on Friday, the 36th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said Citizens National Bank had $437 million assets and about $400 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $106 million.
Morton Community Bank, of Morton, Illinois, agreed to assume the deposits of Citizens National Bank, who offices will reopen on Saturday as branches of Morton Community Bank.
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