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
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
If You Are Owed Money for a Service or Product Provided
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)
Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution
Report on the bids to purchase the failed bank
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.
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.
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.
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.
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.
All creditors having claims against Citizens Bank must submit their claims to the Receiver online, via email, or by mail.
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:
- General Unsecured Creditors
- Subordinated Debt
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 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
Questions About This Closing
Please contact the call center at the number provided below with any additional questions:
Hours of Operation — Central Time
Monday – Friday (excluding federal holidays): 8:00 AM – 4:00 PM