May 22, 2009:
Citizens National Bank , Macomb, Illinois was
closed by the Office of the Comptroller of the Currency and the Federal
Deposit Insurance Corporation (FDIC) was named Receiver.
As of May 13, 2009, Citizens National Bank had total assets of $437 million and total deposits of approximately $400 million.
The FDIC entered into a purchase and assumption agreement with Morton Community Bank, Morton, Illinois, to assume all of the deposits of Citizens National Bank, excluding about $200 million in brokered deposits.
All non-brokered deposit accounts have been transferred to Morton Community are available immediately. On Saturday, May 23, 2009, the former Citizens National Bank locations reopened as branches of Morton Community Bank.
The FDIC will pay the brokers directly for the amount of their funds. Customers who place money with brokers should contact them directly for more information about the status of their deposits.
Transferred deposits will be separately insured from any accounts you may already have at Morton Community Bank for six months after the failure of Citizens.
All interest accrued through Friday, May 22, 2009, will be paid at your same rate, however Morton Community Bank will be reviewing rates.
Morton Community Bank
Morton Community Bank agreed to purchase approximately $240 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC and Morton Community Bank entered into a loss-share transaction on approximately $200 million of Citizens' assets. Morton Community will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $106 million.
For additional information and assistance contact the FDIC at: 866-954-9529; or go to: http://www.fdic.gov/bank/individual/failed/citizensnational.html
|2009 FDIC Insured Failed Banks|
127 South Side Square
Macomb, IL 61455
|Assets: $437 million|
|Deposits: $400 million|
|Cost to FDIC: $106 million|
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for
Citizens National Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Note: Your claim must be filed on or before 08/27/2009
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
Established on 1/1/1890 as Citizens National Bank Of Macomb
09/15/1995: Acquired Roseville State Bank
1/15/1999: Changed name to Citizens National bank