Is Citizens Bank becomes the fifth US bank to fail in 2023?
In Iowa, Citizens of Sac City marked the fifth U.S. bank failure of 2023.
On Friday, November 3, 2023, Citizens Bank was closed by the Iowa Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The Federal Deposit Insurance Corporation Office of Inspector General has issued its memorandum on the Failed Bank Review |Citizens Bank | Sac City, Iowa. On November 3, 2023, the Iowa Division of Banking (IDOB) closed Citizens Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
FDIC issued a statement on November 3 stating the action taken on Citizens Bank. Citizens Bank is the fifth bank to close down in the nation this year. The 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 last Federal Deposit Insurance Corp. (FDIC) bank to fail was Citizens Bank of Sac City, Iowa. That was the fifth FDIC bank failure of 2023, a year with some of the largest bank failures in U.S. history.
Stable NIM; LDR of 81%; CET1 ratio of 10.6%
(NYSE: CFG or “Citizens”) today reported first quarter 2024 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com.
With a strong financial foundation and customer-focused approach, Iowa Trust assumed operational control of Citizens Bank on November 5, 2023.
Yes, Citizens Bank is legitimate. It has bank accounts that are federally insured by the FDIC. Up to $250,000 per depositor is safe in an account.
Citizens Bank is an insured member of the Federal Deposit Insurance Corporation (FDIC), which means deposits in all types of accounts are insured, dollar-for-dollar, up to $250,000 per person. It's a pretty impressive security blanket for our nation's banking system, and we're proud to be a part of it.
Citizens Financial Group's financial performance is vulnerable to the potential decline in borrower credit quality. Economic downturns could lead to more borrowers struggling to repay their loans, thereby increasing credit losses and necessitating higher loan loss provisions.
Which 4 banks are in trouble?
| Bank NameBank | CityCity | Closing DateClosing |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| First Republic Bank | San Francisco | May 1, 2023 |
| Signature Bank | New York | March 12, 2023 |
| Silicon Valley Bank | Santa Clara | March 10, 2023 |
| Rank | Bank | Assets (domestic) |
|---|---|---|
| 12 | Citizens Bank | $224.96 billion. |
| 13 | First Citizens Bank | $213.59 billion. |
| 14 | Fifth Third Bank | $211.98 billion. |
| 15 | M&T Bank | $208.61 billion. |
Examiners found "significant loan losses" previously unidentified by Citizens Bank. The bank had a concentration of, "out-of-territory and out-of-state loans" to a specific industry and were hit with heavy losses on some loans, according to the release. The Nov. 3 bank closure is the first in Iowa since 2011.
2024 in Brief
There are no bank failures in 2024. See detailed descriptions below.
| Bank Name | Press Release | Closing Date |
|---|---|---|
| November Back to Top | ||
| Heartland Tri-State Bank, Elkhart, KS | PR-058-2023 | July 28, 2023 |
| May Back to Top | ||
| First Republic Bank, San Francisco, CA | PR-034-2023 | May 1, 2023 |
2023 almost went down in the history books as the year America lost faith in its banks. Over a few weeks in the spring of 2023, multiple high-profile regional banks suddenly collapsed: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.
| Citizens Bank, N.A. | ||
|---|---|---|
| S&P | Fitch Ratings | |
| Long-term issuer | A- | BBB+ |
| Short-term issuer | A-2 | F1 |
| Long-term deposits | - | A- |
| Ranking | Bank Name | Assets |
|---|---|---|
| 12 | State Street Bank and Trust Co. | $293.2 billion |
| 13 | BMO | $265.7 billion |
| 14 | Citizens Bank | $221.8 billion |
| 15 | Fifth Third Bank | $213.8 billion |
By 1981, we had grown to 29 branches in Rhode Island with approximately $1.0 billion of assets. In 1988 we became a wholly-owned subsidiary of the RBS Group.
In July 2021, Citizens announced plans to acquire New Jersey-based bank holding company Investors Bancorp for $3.5 billion. Citizens took over more than 150 branches with the deal. As of February 2023, all Investors locations were rebranded as Citizens Bank.
Who did Citizens Bank merge with?
In addition, Investors Bank, a New Jersey state-chartered bank and wholly-owned subsidiary of Investors, has been merged with Citizens Bank, National Association, (“CBNA”), with CBNA as the surviving bank.
Citizens Trust Company became the first African-American owned bank in the United States to become a member of the Federal Deposit Insurance Corporation (FDIC).
Among the safest US banks, according to Global Finance's November 2022 rankings, are AgriBank, US Bank, CoBank, AgFirst Bank, and Farm Credit Bank of Texas, primarily for those in the agricultural sector.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.7 billion in assets as of December 30, 2022.
At Citizens Business Bank, we take your online protection, safety, and security seriously. Our Online Banking platform utilizes industry-recognized security technologies including SHA256 encryption and hashing technology. Encryption helps keep transactions secure and private.
