CHICAGO – The Illinois Department of Financial and Professional Regulation’s (IDFPR) Division of Banking today approved the purchase of selected assets and liabilities of Citizens National Bank, Macomb by Morton Community Bank, Morton, Illinois following Citizens National Bank’s closure at 6:30 p.m. by the Office of the Comptroller of the Currency.
Today’s action ensures that all customers of Citizens National Bank will not lose any funds. Citizens National Bank is the fifth state-chartered bank to fail in Illinois this year..
“On behalf of Illinois consumers, state financial regulators will continue our proactive financial regulation to ensure deposits and assets remain protected and that consumers always remain priority number one,” said Michael T. McRaith, IDFPR Acting Secretary.
“Citizen National Bank was operating in an unsafe and unsound manner, and the bank’s board of directors was either unable or unwilling to infuse the additional capital needed to keep the bank open,” said Jorge Solis, Director of Banking.
Citizens National Bank had $445 million in assets at year end and 8 banking offices at the time of its closure. As of December 31, 2008, Morton Community Bank had assets of $1.8 billion and 27 banking offices throughout Central Illinois.
Customers with questions about how deposit insurance works or who would like more information about the failure can visit the FDIC’s web site at www.fdic.gov or call the FDIC toll-free at 1-877-ASK FDIC.