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Bank Failures

Bid Summary for Citizens Bank, Sac City, IA

Citizens Bank, Sac City, IA
Closing Date: November 3, 2023

Failed Bank Information for Citizens Bank, Sac City, IA

BidderWinning and Cover BidType of TransactionDeposit PremiumAsset Premium/(Discount) $(000)Optional Loan Pool SFR and SFR OREO (% of BV)Optional Loan Pool Agricultural (% of BV)Optional Loan Pool Performing CRE and C&I (% of BV)Optional Loan Pool Non-Performing C&I (% of BV)Conforming Bid
Iowa Trust & Savings Bank, Emmetsburg, IAWinning BidAll deposit Basic P&A with Optional Loan Pools3.75%N/A73.60%90.00%75.00%0.00%Yes
United Bank of Iowa, Ida Grove, IACover BidAll deposit Whole Bank P&A3.50%($16,000)N/AN/AN/AN/AYes
OtherN/AAll deposit Whole Bank P&A3.32%($20,014)N/AN/AN/AN/AYes
OtherN/AAll deposit Whole Bank P&A0.00%($44,891)N/AN/AN/AN/AYes
OtherN/AAll deposit Basic P&A with Optional Loan Pools0.00%N/A78.00%78.00%No BidNo BidYes
OtherN/AAll deposit Basic P&A0.53%N/ANo BidNo BidNo BidNo BidYes
OtherN/AAll deposit Basic P&A0.00%N/ANo BidNo BidNo BidNo BidYes

Other Bidder Names & Locations:

Cover bidder information, if not listed, will be added 1 year after failure.

BankFirst, Norfolk, NE
The Citizens First National Bank of Storm Lake, Storm Lake, IA
Equity Bank, Andover, KS
Stearns Bank National Association, Saint Cloud, MN
WCF Financial Bank, Webster City, IA

Notes:

  • Bidders can submit multiple bids.
  • The winning bidder’s acquisition of the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets.
  • The cover (second best) bid is: a. less costly then liquidation, b. the least costly bid after excluding all bids submitted by the winning bidder, and c. released 1 year after failure.
  • There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
  • There may be more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: November 8, 2023