OCC Appoints FDIC Receiver for Citizens National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Citizens National Bank, Macomb, Illinois. Citizens National Bank, with approximately $439 million in assets, was chartered as a national bank in 1939.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank has incurred losses that have depleted most of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.