Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Failed Bank Information for Citizens Bank, Sac City, IA

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.

Frequently Asked Questions

November 3, 2023 Official Press Release

A person using their phone to make a mobile deposit

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.

EDIE — Electronic Deposit Insurance Estimator 
Calculate insurance coverage of deposit accounts

Facts for Depositors
General information explaining the role of FDIC

Two people being consulted by a loan officer

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 received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.

Obtaining a Lien Release
Process on getting a release of lien

Borrower’s Guide to an FDIC Insured Bank Failure 
Overview of how FDIC processes loans

Facts for Borrowers 
General information explaining the role of FDIC

A couple reviewing papers and pointing at a computer

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.

Facts for Creditors
General information explaining the role of FDIC

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 Failed Bank Customer Service Center (FBCSC), a secure web portal.

Back to the Top


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 (www.iowatrustbank.com)

Transaction Documentation

Purchase & Assumption Agreement
Agreement between FDIC and the acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

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.

Deposit Broker's Processing Guide

Back to the Top


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.

Back to the Top


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 Failed Bank Customer Service Center (FBCSC) 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.

Online:

Failed Bank Customer Service Center

Email:

NonDepClaimsDal@FDIC.gov

Mail:

FDIC as Receiver for Citizens Bank
Attention: Claims Agent
600 North Pearl Street
Suite 700
Dallas, TX 75201

Please note:

There are time limits for filing a claim. Your claim must be filed on or before 02/29/2024 (the "Claims Bar Date").

Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

Back to the Top


For Shareholders of Citizens Holding Company

Shareholders

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 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, IA 50583

Back to the Top


Contact Information

Questions About This Closing

Please contact the call center at the number provided below with any additional questions:

1-888-206-4662

Hours of Operation — Central Time 
Monday – Friday (excluding federal holidays): 8:00 AM – 4:00 PM

Last Updated: September 5, 2024