Citizens Bank of Sac City Becomes Fifth Bank Failure in US in 2023
94-Year-Old Iowa Institution Closes
Branches Reopen Monday as Iowa Trust Savings Bank
Sac City, Iowa - Citizens Bank, a 94-year-old establishment in Sac City, has closed due to significant out-of-state loan losses. The bank failure was confirmed by the Federal Deposit Insurance Corp (FDIC).
The two branches of Citizens Bank will reopen as branches of Iowa Trust Savings Bank on Monday during normal business hours. The FDIC was appointed Receiver of Citizens Bank, with no advance notice given.
The failure of Citizens Bank is the fifth bank failure in the US in 2023. The last bank failure in Iowa was Polk County Bank in Johnston, which closed on November 18, 2011.
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