Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Bid Summary for Citizens National Bank, Macomb, IL

Citizens National Bank, Macomb, IL
Closing Date: May 22, 2009

Failed Bank information for Citizens National Bank, Macomb, IL

Winning Bidder:

Morton Community Bank, Morton, IL

Winning Bid:

All deposits, whole bank with loss share - Asset Discount of $20 million, Deposit Premium 1.9%

Cover (second place) Bidder:

United Community Bank, Chatham, IL

Cover Bid:

All deposits P&A – Deposit Premium 2.12%

Other Bidder Names & Locations:

First Bankers Trust Company, Quincy, IL
Heartland Bank, Bloomington, IL
Prairie State Bank, Springfield, IL

Other Bids:

Insured deposits P&A - deposit Premium 0.25%, plus pool bids
All deposits P&A - Deposit Premium 2.25%
Insured deposits P&A - Deposit Premium 3.031%
All deposits P&A – Deposit Premium 2.9%, plus pool bids

Notes:

  • Morton Community Bank's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • The Other Bidder Names and the Other Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
  • There are 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

Back to top

Last Updated: May 5, 2021