Closed Friday, November 3, 2023 · Sac City, Sac County, Iowa
Citizens Bank
No bank in Iowa had failed for eleven years, since Polk County Bank closed in 2011. Equity capital was below zero at Citizens Bank's last report.
On the books, 2015 to 2023
Total assets peaked at $67.1 million in the third quarter of 2022. Equity capital had covered 8.4% of assets in the fourth quarter of 2015. The last quarterly report, for the third quarter of 2023, showed $65.6 million in total assets; ranks on this site use the FDIC's failure record, which differs. The deepest annual loss, $4.6 million, was booked in 2023 in only part of the year.* 2023: January to September only, the last report before closing.
Size against the other 2023 failures
Total assets of each 2023 failure, log scale; Citizens Bank in red.
By assets it ranked fifth of the 5 failures in 2023. Within Iowa it ranks 15th by size of the 67 failures recorded since 1934. Across the failures of 2023, the median estimated loss came to 9.0% of assets. The next-larger failure of that year was Heartland Tri-State Bank of Elkhart, Kansas ($139 million, loss 31% of assets). Every 2023 failure in the explorer.
Failures in Iowa
No bank in Iowa has failed since. Sac County has 4 failed banks on FDIC record since 1934. The others: Peoples State Bank (1985), Early Savings Bank (1985), Auburn Savings Bank (1985).