Closed Friday, May 22, 2009 · Macomb, Mcdonough County, Illinois
Citizens National Bank
Citizens National Bank's founding in 1890 put it past its 100th year when it closed. In the three years to the first quarter of 2008, its assets grew 124%. In 2009 regulators closed 21 banks in Illinois; this was the fifth.
On the books, 2001 to 2009
Total assets peaked at $481 million and were 9% lower at the final report. Equity capital went from 8.8% of assets in the second quarter of 2001 to 3.8% at the last report. The deepest annual loss, $13.8 million, was booked in 2008.* 2009: January to March only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Citizens National Bank in red.
By assets it ranked 54th of the 140 failures in 2009. Within Illinois it ranks 29th by size of the 185 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Bank of Clark County of Vancouver, Washington ($441 million, loss 34% of assets); just below, Republic Federal Bank, N.A. of Miami, Florida ($433 million, loss 18% of assets). Every 2009 failure in the explorer.
The only other bank closed that day was Strategic Capital Bank of Champaign, Illinois.
Failures in Illinois
The previous failure there was Heritage Community Bank of Glenwood, on February 27, 2009. The next was Bank of Lincolnwood of Lincolnwood, on June 5, 2009. Mcdonough County has 2 failed banks on FDIC record since 1934. The other: Midwestern Savings Association (1989).