Citizens Bank becomes the fifth US bank to fail in 2023:

 Written by Sunil Dhawan

November 4, 2023 11:15 I

The banking crisis continues in the US as another regional American bank shuts shop. The government has shut down Citizens Bank due to financial issues, allowing the Federal Deposit Insurance Corporation (FDIC) to take control without providing any public warning. FDIC issued a statement on November 3 stating the action taken on Citizens Bank.

Citizens Bank is the fifth bank to fail in the nation this year. Other failed banks list shows Heartland Tri-State Bank, First Republic Bank, Signature Bank, Silicon Valley Bank and First–Citizens Bank as other banks shut down in 2023. The shutdown started on March 10, 2023 with First–Citizens Bank going down-under.

The FDIC statement – Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank.

 https://www.financialexpress.com/business/investing-abroad-citizens-bank-closed-the-federal-deposit-insurance-corporation-fdic-appointed-as-receiver-3296943/