A STATE-CHARTERED bank became the fifth bank to fail this year, resulting in an estimated loss of $14.8 million. Citizens Bank of Sac City, Iowa, was closed by the state’s Division of Banking (DOB). GettyThe FDIC announced Citizens Bank in Sac City, Iowa, has failed[/caption] Iowa’s DOB appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. On November 3, the FDIC announced that the $66 million asset, nonmember bank had failed. The FDIC entered a Purchase and Assumption Agreement with Iowa Trust & Savings Bank to assume all of the deposits of Citizens Bank. This was found to be the least costly resolution. Since Citizens Bank was not a member of t
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