On Friday, November 3, 2023, Citizens Bank was closed by the Iowa Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Iowa Trust & Savings Bank, Emmetsburg, IA, assumed all deposit accounts and substantially all the assets. All shares of stock were owned by the holding company, which was not involved in this transaction.
If You Had a Deposit Account
The full balance of all deposit accounts has been transferred to Iowa Trust & Savings Bank. You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
If You Had a Loan
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change. If your loan is currently in process or you had a line of credit, contact your loan officer. If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If You Are Owed Money for a Service or Product Provided
You may be eligible to file a claim against Citizens Bank. If you have not been paid for services rendered prior to November 3, 2023, please refer to the Filing Claims section below.
Beware of Scams
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Citizens Bank, Iowa Trust & Savings Bank, or the FDIC. The FDIC, however, will encourage you to correspond with us via the FDIC Claims Portal, a secure web portal.
Acquiring Institution: Iowa Trust & Savings Bank
About Iowa Trust & Savings Bank
All deposit accounts have been transferred to Iowa Trust & Savings Bank, Emmetsburg, IA, (“assuming institution”) and will be available immediately. The former Citizens Bank locations will reopen as branches of Iowa Trust & Savings Bank during regular business hours. All transferred deposits will be separately insured from any accounts you may already have at Iowa Trust & Savings Bank for at least six months after the failure of Citizens Bank.
Checks that were drawn on Citizens Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. Iowa Trust & Savings Bank will review deposit rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Iowa Trust & Savings Bank as long as the deposits are not pledged as collateral for loans.
Contacting Iowa Trust & Savings Bank
You can contact Iowa Trust & Savings Bank:
Iowa Trust & Savings Bank
2101 10th St
Emmetsburg, IA 50536
Iowa Trust & Savings Bank Website
Brokered Accounts
All deposit accounts, excluding the Cede & Co deposits, have been transferred to Iowa Trust & Savings Bank. If you are a customer who has a Citizens Bank deposit through a broker, you must contact your broker with any questions.
Banking Services
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Iowa Trust & Savings Bank.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). Iowa Trust & Savings Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
Direct Deposit
All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment, or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
These lines have been transferred to Iowa Trust & Savings Bank. Please contact Iowa Trust & Savings Bank if you have additional questions regarding your accounts.
Safe Deposit Boxes
You will have access to your safe deposit boxes during normal business hours. Any changes will be communicated by Iowa Trust & Savings Bank.
Tax Reporting — 1098 and/or 1099
Iowa Trust & Savings Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
Filing Claims
Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to Citizens Bank prior to November 3, 2023, and have not been paid, you may have a claim against Citizens Bank. Any party/claimant who wishes to submit a Receivership claim electronically should utilize the Non-Deposit FDIC Claims Portal or email nondepclaimsdal@fdic.gov. All creditors having claims against Citizens Bank must submit their claims to the Receiver online, via email, or by mail.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
Depositors
General Unsecured Creditors
Subordinated Debt
Stockholders
For Shareholders of Citizens Holding Company
All shares of Citizens Bank are owned by its holding company, Citizens Holding Company, Sac City, IA. The holding company was not included in the closing of the bank or the resulting receivership.
Contacting the Holding Company
If you are a shareholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
Citizens Holding Company
500 West Main Street
Sac City