Closure of Citizens Bank Marks the Fifth US Bank Failure this Year

Citizens Bank closure marks fifth US bank failure this year Pollock Mondal Stock Markets Published Nov 06, 2023 08:30 In a continuation of the trend of US banks succumbing to financial issues, Citizens Bank in Sac City, Iowa, ceased operations on November 3, 2023. The bank’s closure was confirmed by the FDIC (Federal Deposit Insurance Corporation), marking it as the fifth such incident this year and the first one in Iowa since 2011. The FDIC cited undisclosed loan losses tied to a single industry outside the bank’s local territory as the primary reason for the failure. The assets and deposits…