Nov 5 - Citizens First National Bank, Princeton, Ill., has been closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Ill., to assume all of the deposits of Citizens First National Bank.
As of Sept. 30, 2012, Citizens First National Bank had approximately $924 million in total assets and $869.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.
Customers with questions about the transaction should call the FDIC toll-free at 800-830-4698. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/cfnb.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $45.2 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Citizens First National Bank is the 49th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois. The last FDIC-insured institution closed in the state was First United Bank, Crete, on Sept. 28, 2012.