FIs closed: Citizens Bank of Northern California, Nevada City, California, USA
On Friday, September 23, 2011, Citizens Bank of Northern California, Nevada City, California, USA, was closed by the California Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri Counties Bank, Chico, California, to assume all of the deposits of Citizens Bank of Northern California.
The seven branches of Citizens Bank of Northern California reopened on Monday as branches of Tri Counties Bank.
As of 30 June, 2011, Citizens Bank of Northern California had approximately USD288.8 million in total assets and USD253.1 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD37.2 million.
Citizens Bank of Northern California is the 73rd FDIC-insured institution to fail in the USA this year and the fourth in California.
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