Closed Friday, November 2, 2012 · Princeton, Bureau County, Illinois
Citizens First National Bank
Founded in 1865, Citizens First National Bank had been in business 147 years, the fifth-longest run among the failures since 2000 with a known founding date. It was the second-largest of the 51 bank failures in 2012. In 2012 regulators closed 8 banks in Illinois; this was the eighth.
On the books, 2004 to 2012
Total assets peaked at $1.3 billion in the third quarter of 2009 and were 28% lower at the final report. Equity capital went from 7.9% of assets in the fourth quarter of 2004 to 2.0% at the last report. By then 10% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $52.3 million, was booked in 2011.* 2012: January to September only, the last report before closing.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Citizens First National Bank in red.
Within Illinois it ranks 15th by size of the 185 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Tennessee Commerce Bank of Franklin, Tennessee ($1.0 billion, loss 35% of assets); just below, Fidelity Bank of Dearborn, Michigan ($818 million, loss 12% of assets). Every 2012 failure in the explorer.
The only other bank closed that day was Heritage Bank of Florida of Lutz, Florida.
Failures in Illinois
The previous failure there was First United Bank of Crete, on September 28, 2012. The next was Covenant Bank of Chicago, on February 15, 2013. Bureau County has 2 failed banks on FDIC record since 1934. The other: Heritage Bank of Bureau County (1984).